Energy secretary: War won't disrupt U.S. oil supplies
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OPEC has pledged to make good any oil shortfall from the attack on Iraq.
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WASHINGTON (AP) -- Energy Secretary Spencer Abraham said Thursday he's confident there are adequate oil supplies available to the United States to compensate for any losses of crude oil as a result of the war in Iraq.
He said the Bush administration will use the nation's emergency oil reserves if needed.
Abraham told a Senate hearing that "world energy supplies are more than adequate to compensate for any disruption" that might be caused if Iraq President Saddam Hussein attempts to sabotage Iraqi oil wells.
Abraham said Organization of Petroleum Exporting Countries oil producers, especially Saudi Arabia, have boosted production and have built up large stockpiles of oil.
In a statement earlier Thursday, OPEC's president, Abdullah bin Hamad Al-Attiyah, said OPEC members will continue to maximize production to make up for any disruption in crude exports from Iraq.
"The response by OPEC and major producers like Saudi Arabia, and if needed, our large strategic stockpiles, will ensure that our economy will have the ample supply of energy it needs," Abraham said in a statement to the Senate Armed Services Committee.
Noting that Saddam's regime "might attempt acts of sabotage against oil wells," Abraham said, "World energy supplies are more than adequate to compensate for any disruption these acts may cause."
Abraham gave no indication that the Bush administration was preparing to release oil from the Strategic Petroleum Reserve, which holds 600 million barrels of crude in salt domes on the Gulf Coast. But he made it clear that the government oil was ready to be used if needed.
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