Clinton Orders Heating Oil Reserve of 2 Million Barrels.

Publication: Houston Chronicle (Houston, Texas) (via Knight-Ridder/Tribune Business News)

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COPYRIGHT 2000 Houston Chronicle

Byline: Krissah Williams

Jul. 11--President Clinton on Monday ordered the creation of a 2-million-barrel heating oil reserve that he said would allow the government to blunt a repeat of last winter's price spike in the Northeast.

The U.S. Department of Energy would trade crude oil from the Strategic Petroleum Reserve -- the United States' 600-million-barrel emergency crude oil stockpile along the Gulf Coast -- for the heating oil, which a private contractor would store in the Northeast.

The area from Pennsylvania to New England would be the main beneficiary of the heating oil reserve. It has 63 percent of the country's heating oil...

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