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International agency offers fuel reserves to U.S.

SPECIAL REPORT

WASHINGTON (CNN) -- A Bush administration official said the International Energy Agency "has agreed to make 60 million barrels of product available" to help the United States weather the economic problems caused by Hurricane Katrina.

Samuel Bodman said the product, crude oil or gasoline, will go to the marketplace over the next month at the rate of 2 million barrels per day.

"The United States welcomes this historic and unanimous decision," Bodman said.

The announcement comes after the 26 members of the IEA debated by telephone and e-mail about releasing some reserves because damage from Katrina curtailed production along the Gulf of Mexico.

More reserves would help the United States cope with the oil supply shortage spurred by the hurricane. The United States is a member of the agency.

In the United States, the Association of Oil Pipelines said all pipelines that had been put out of service by Katrina were operating, but at lowered capacity.

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