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Friday, January 18, 1991 / University Daily Kansan
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The Use of Force by the United States in the Persian Gulf
Constitutional and International Observations
Fri. Jan.18, 12:30 p.m.
Room 104 Green Hall
Everyone Welcome
Gulf war: Economy
Iraqi war prompts Bush to utilize U.S. oil reserve
The Associated Press
WASHINGTON — The outbreak of war in the Persian Gulf is prompting President Bush to push the nation's Strategic Petroleum Reserve for the next 30 days in an effort to keep oil markets under control.
Bush ordered the Energy Department on Wednesday night to put 1.12 million barrels a day on the oil market, or 33 million barrels during the sale period, from the 590-million barrel stockpile.
An administration official, speaking on condition of anonymity, said Energy Secretary James D. Watkins that supplies available beginning today.
It is the first time the stockpile has been drawn on for other than tests
The government probably would offer the entire first month's allotment for sale all at once, the official said, and the authorization for pumping can be renewed after the 30-day period if the war is not over.
Bush said in a statement that he was taking the action in concert with U.S. allies to promote stability in the region and light of the war in the Middle East.
The International Energy Agency
is expected to announce today that it will activate a contingency plan agreed to Jan. 11 that will free an extra 2.5 million barrels of oil a day.
The 21-nation agency's executive director, Helga Steeg, is consulting with representatives of member states to develop a plan, a representative said.
IEA officials said a statement would probably be issued later today, stating that member governments should also contingency plan should be activated.
The Paris-based organization, created after the 1973 Arab oil embargo, comprises the United Nations and most Western European countries.
In private cash trading after the announcement of war against Iraq, crude oil sold for $40 a barrel in the United States, then settled to about $55. Typical prices last week for U.S. crude were about $3 a barrel.
The U.S. share represents nearly half of the total 2.5 million barrels a day.
The International Energy Agency agreed at a Jan. 11 meeting to make that amount available to member countries in the event war roiled the
markets.
"The president's action was a precautionary measure, taken in concert with our IEA partners," the statement said.
In increased production from Saudi Arabia and other countries since the August 2, takeover of Kuwait by Iraq has more than made up for the 43 oil crises of a decade on that had been supplied world markets by Kuwait and Iraq.
The world uses about 65 million barrels of oil a day; the United States alone uses about 17 million barrels.
While there is no shortage of oil, analysts feared the outbreak of war would drive consumers to stockpile, fearing their supply might be interrupted. That would push up prices immediately.
Last fall, Bush ordered a test run of selling oil from the reserves, stored in salt caverns in Louisiana and Mississippi, but the October was said to have gone well.
Reacting to the oil panics of the 1970s, the government has been accumulating crude in the Strategic Petroleum Reserve at a cost of more than $2 billion.
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