Hurricane Katrina seems to have created a situation in which I will finally agree that a release from the Strategic Petroleum Reserve would be appropriate:
The storm already forced the shutdown of an estimated 1 million barrels of refining capacity along the nation’s Gulf Coast.
Administration officials, speaking on the condition of anonymity because they were not authorized to speak publicly, said Bush seemed likely to authorize a loan of some oil from the Strategic Petroleum Reserve. But details remained in flux and no decision was imminent, they said.
The expected move would be designed to give refineries in the area a temporary supply of crude oil to take the place of interrupted shipments from tankers or offshore oil platforms affected by the storm. It would not be intended to keep a lid on soaring gasoline prices.
White House spokesman Scott McClellan, speaking with reporters aboard Air Force One as the president flew from his Texas ranch to Arizona, said the Energy Department was still assessing the situation before making a recommendation on the reserve.
“Obviously, the Strategic Petroleum Reserve is there for emergency situations, and that would include natural disasters,” McClellan said. “But it’s just too early to know at this point.”
In 2004, the president authorized loans from the reserve to help refiners make up for missing supplies when Hurricane Ivan struck.
I agree.