President Bush announced he has decided to expand the U.S. Strategic Petroleum Reserve to "maximize long-tern protection against oil supply disruptions."

Mr. John Shages, Director of Economic Planning, Policy, and Finance for the
United State's Strategic Petroleum Reserve (SPR) will address the World
Energy Security and Commerce forum on January 24, 2002. (http://www.wesc.org )

Filling the Strategic Petroleum Reserve up to capacity will strengthen the long-term energy
security of the United States. Since its inception, the circumstances that might require the use of the Strategic Petroleum Reserve have been defined in the Energy Policy and Conservation
Act. Yet each time economic or political circumstances bring the SPR into focus, questions, concerns, and misunderstandings ARE abound.  Mr. Shages will address firsthand the reasons behind the formation of the SPR, the circumstances under which it may be used, and the economics behind its administration. Topics such as inventory levels, drawdown capabilities,
exchanges and sales will be discussed in relation to today's domestic
security needs and concerns."

For more information on the forum please go to http://www.wesc.org









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