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Schumer Asks Clinton to Tap Oil Reserves to Pressure OPEC
New York Times
Published: March 27, 2000
Senator Charles E. Schumer asked President Clinton today to use federal oil reserves as leverage to increase oil exports to the United States.
Mr. Schumer's announcement came on the eve of an important meeting of the Organization of Petroleum Exporting Countries. OPEC ministers will meet in Vienna on Monday for a review of oil exports.
The ministers are expected to reach an agreement that would increase gasoline supplies, but the oil cartel has not shown a willingness to increase production by the two million to two and a half million barrels a day that the United States and other industrial powers are demanding. OPEC regulates the amount of oil its member nations are allowed to sell.
Analysts expect the oil exporting nations to raise their daily output by only about one million barrels, an amount they say is not enough to replenish oil inventories, meet seasonal needs for gasoline and push down prices.
''This is our last chance to get gas prices back down before the summer driving season,'' Mr. Schumer, a Democrat, said. ''We should immediately tell OPEC nations that if they don't increase their output to two million barrels a day, we will tap the Strategic Oil Reserve,'' a federal surplus that has not been used for nearly a decade.
The Clinton administration has said it will not decide until after the OPEC meeting whether to draw on the 570 million barrels of oil in the Strategic Oil Reserve.
Schumer Asks Clinton to Tap Oil Reserves to Pressure OPEC
New York Times
Published: March 27, 2000
Senator Charles E. Schumer asked President Clinton today to use federal oil reserves as leverage to increase oil exports to the United States.
Mr. Schumer's announcement came on the eve of an important meeting of the Organization of Petroleum Exporting Countries. OPEC ministers will meet in Vienna on Monday for a review of oil exports.
The ministers are expected to reach an agreement that would increase gasoline supplies, but the oil cartel has not shown a willingness to increase production by the two million to two and a half million barrels a day that the United States and other industrial powers are demanding. OPEC regulates the amount of oil its member nations are allowed to sell.
Analysts expect the oil exporting nations to raise their daily output by only about one million barrels, an amount they say is not enough to replenish oil inventories, meet seasonal needs for gasoline and push down prices.
''This is our last chance to get gas prices back down before the summer driving season,'' Mr. Schumer, a Democrat, said. ''We should immediately tell OPEC nations that if they don't increase their output to two million barrels a day, we will tap the Strategic Oil Reserve,'' a federal surplus that has not been used for nearly a decade.
The Clinton administration has said it will not decide until after the OPEC meeting whether to draw on the 570 million barrels of oil in the Strategic Oil Reserve.