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Two refineries in Louisiana will run out of oil before the end of the month.

http://www.voanews.com/article.cfm?objectID=9AEE9771-3ABB-402C-9D3BE3346BF379BD

US Lawmaker Calls for Release of Strategic Oil Reserves
VOA News
23 Dec 2002, 21:56 UTC


A senior U.S. lawmaker is urging the White House to tap into strategic oil reserves as the Venezuelan crisis pushes oil prices to a two-year high amid Iraq war fears.

Representative Billy Tauzin, chairman of the House Energy and Commerce Committee, made the urgent request in a letter to the Department of Energy. He says two refineries in his home state of Louisiana will run out of oil before the end of the month.

The U.S. Strategic Petroleum Reserve holds almost 600 million barrels of crude oil. Mr. Tauzin says the Venezuela shortfall is starting to have an "acute" affect on the U.S. economy.

Venezuela supplies about nine percent of U.S. gasoline and 13 percent of crude oil supplies.

There was no immediate response to the Tauzin letter from the Energy Department, but officials there have previously said they do not plan to lend stockpiled oil to firms having problems with supply.

On the New York Mercantile exchange crude oil futures for February delivery increased to a high of $31.45 a barrel, up almost a $1.50.

Oil prices have risen by 25 percent since mid-November amid concerns over a war with Iraq.