U.S. Energy Secretary Bill Richardson said Thursday a decision by President Clinton on whether to tap into the U.S. Strategic Petroleum Reserve was “imminent,” Reuters reports.
Meanwhile, Republican presidential candidate and Texas Gov. George W. Bush accused his opponent, Vice President Al Gore, of using the oil issue to try to win the election, Reuters reported. Gore early Thursday called on Clinton to begin releasing oil from the reserve to knock down energy prices.
Richardson made his remarks to the U.S. House Government Reform Committee. He also said the United States would again urge OPEC to increase oil production, saying it was a necessary move to ward off a supply crunch in the upcoming winter, Reuters reported. Richardson said Clinton may decide not to tap the reserve.
OPEC members recently agreed on boosting output by 800,000 barrels daily starting Oct. 1, but oil markets have shrugged that off and pushed prices higher.
On the campaign trail, Bush criticized Gore’s proposal, and accused his opponent of changing his mind on the issue to gain votes, according to Reuters. Bush said the reserve is meant to provide insurance against a sudden supply disruption or war, but should not be used to drive down prices just before an election, the report added.
