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US Piles Up Oil Reserves The United States is not deferring its plan to refill the Strategic Petroleum Reserve despite oil prices in New York reaching all-time highs near $46 this week, spokesmen for the Energy and Interior departments has said. Nigeria is the US fifith largest crude oil supplier. In fact, the Minerals Management Service branch of the U.S. Department of Interior announced over the weekend it had awarded new six-month contracts in July to Chevron Texaco Products Company and Shell Trading U.S. Company (RD) for deliveries of royalty crude oil into the emergency reserve. The companies' combined deliveries from Oct. 1, 2004, through March 31, 2005, will total more than 100,000 barrels a day. "This is a continuation of our efforts to fulfill the president's direction," a U.S. Department of Energy spokesman said. "The price of oil is set by the market, so we never do anything to try to set the price of oil." The amount of oil in the Strategic Petroleum Reserve increased last week by 500,000 barrels to 664.5 million barrels, the Energy Department's statistics branch said Wednesday. The Minerals Management Service exchange contracts allow oil producers with offshore federal leases in the Gulf of Mexico to pay royalties to the government with crude oil rather than cash. The Minerals Management Service began the current initiative to fill the reserve in April 2002 and expects the reserve will be filled to capacity by the middle of next year, the agency said in a press release. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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