Breaking News: US Will Tap Petroleum Reserves
In a move to help stem the problems created by Hurricane Katrina, the Bush Administration will tap into the Strategic Petroleum Reserve. This will keep some refineries in business that depended on oil originating from the Port of New Orleans or Gulf Oil. This is seen as a short term tap, and it is expected that this will be replenished by imports later on.
This move still does not overcome the Hurricane impact of the refineries in the Gulf region. Some are speculating that gas prices may reach as high as $4 per gallon in the near term.
