UPDATE 3-W.House may release oil from stockpile if needed

[steve2470]

&cap=A%20boat%20crew%20from%20Coast%20Guard%20Marine%20Safety%20Office%20Houston%20escorts%20a%20tug%20and%20barge%20during%20a%20maritime%20security%20patrol%20at%20the%20Port%20of%20Houston,%20in%20this%20photograph%20taken%20May%2019,%202005.%20The%20Bush%20administration%20said%20it%20was%20considering%20whether%20to%20use%20the%20Strategic%20Petroleum%20Reserve%20in%20response%20to%20any%20supply%20disruptions%20caused%20by%20Hurricane%20Katrina,%20which%20ripped%20into%20the%20U.S.%20Gulf%20Coast%20on%20August%2029,%202005.%20The%20Port%20of%20Houston%20is%20the%20second%20largest%20petrochemical%20complex%20in%20the%20world.%20Over%2035%20percent%20of%20all%20U.S.%20gasoline%20is%20refined%20there.%20%20FOR%20EDITORIAL%20USE%20ONLY%20%20REUTERS/Adam%20M.%20Wine/U.S.%20Coast%20Guard/Handout


(Adds Citgo loan request, Barton letter, Saudi statement)

By Adam Entous

EL MIRAGE, Ariz., Aug 29 (Reuters) - The White House said Monday it was willing to use the government's emergency oil stockpile to help refiners hurt by Hurricane Katrina's rampage through the Gulf of Mexico, but that it was too early to decide if or how much crude should be released.

The storm slammed into New Orleans on Monday with winds of 135 mph (216 kph), shutting 91 percent of the normal 1.5 million barrels per day of crude oil production in the Gulf Coast region.

Eight refineries in Louisiana and Mississippi with a daily capacity of 1.7 million barrels of crude oil were also shut. They account for about 9 percent of U.S. refining capacity.

"Obviously the Strategic Petroleum Reserve is there for emergency situations, and that would include natural disasters. But it's just too early to know at this point," White House spokesman Scott McClellan told reporters aboard Air Force One.

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[Skidmore]

1. He's waiting for everyone to beg and genuflect,

so he can make a show of being wise and compassionate.

[Pepperbelly]

2. poll numbers have done their work ...

and I am pleased. At least this bastard won't be filling the reserves while the price of oil is skyrocketing. At least not for a while.