Energy Dept. Says It Could Release Oil From Nation’s Reserve if Needed

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img src="/sites/default/files/images/articles/printeditiontag_new.gif" width=120 align=right>The Department of Energy could release oil from this country’s Strategic Petroleum Reserve if the International Energy Agency activates a plan to provide additional oil to world markets in the event of war-related shortages, a DOE spokesman told Transport Topics.

With crude prices soaring and concern growing over supply disruptions should the United States go to war against Iraq, IEA Executive Director Claude Mandil told the Wall Street Journal Feb. 7 his agency would be ready to order a release of petroleum reserves if needed.

IEA is an oil-supply watchdog agency made up of 26 nations, including the United States with its SPR.

For the full story, see the Feb. 17 edition of Transport Topics. Subscribe today.