Clinton announces heating oil reserve

July 13, 2000
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WASHINGTON, DC — President Clinton recently announced the creation of a temporary heating oil reserve for the Northeast states. The reserve will hold 2 million barrels of heating oil for New York, Massachusetts, Maine, and other states that are more dependent on distillate oil to heat homes than the rest of the nation.

“The action I take today will leave us far better prepared to face the winter months, but it does not relieve Congress of the responsibility to act,” he added.

Clinton said he has prodded Congress since March to establish a home heating oil reserve for the Northeast in order to reduce the chance that future fuel shortages will hurt consumers. Last winter, heating oil prices that soared above $2/gal after a cold snap combined with transportation problems to sharply reduce supplies in the region.

Last month, the House of Representatives voted to create a 2 million barrel Northeast heating oil reserve, but failed to provide the $10 million needed to pay for it.

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