U.S. DOE Budget Allows for Strategic Petroleum Reserve of 1.5 Billion bbl
President George Bush's release of the $25 billion Department of Energy (DOE) fiscal year 2009 budget includes plans to expand even further the Strategic Petroleum Reserve by 1.5 billion barrels.
The Office of Fossil Energy received a $1.1 billion portion of budget appropriations. A statement from the DOE stated, "To further protect the nation against oil supply disruptions that could harm our economy, the budget includes $171.4 million for expanding the Strategic Petroleum Reserve toward an ultimate capacity of 1.5 billion barrels by 2029."
The DOE claims the expansion of the Strategic Petroleum Reserve "will help achieve a more secure and reliable energy future for the nation."
The fiscal year 2009 DOE budget sports an increase of $1.073 billion over the fiscal year 2008 DOE budget.