Expansionary Institute

Congress urging Clinton to release oil reserves,

Congress urging Clinton to release oil reserves - WSJ

NEW YORK, Dec 22 (Reuters) - President Clinton is being urged by more than 100 members of Congress to release a two million-barrel reserve of home-heating oil to help contain high Northeastern energy prices, the Wall Street Journal reported in its online edition Friday.

Rep. Bernard Sanders of Vermont, the leader of the mostly-Democratic group, contends there is a home-heating oil crisis in the Northeast, although the price of heating oil has fallen a bit in recent days, the paper said.

A technical trigger that is part of the criteria for releasing the reserves has been met, as the gap between the price of heating oil and the price of crude oil was now more than 70 percent, the paper said.

The paper quoted an Energy Department source as saying the decision was still a discretionary one for President Clinton to make.

01:41 12-22-00

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Fri Dec 22