Wednesday, January 24, 2007

From Al Jazeera
UPDATED ON: WEDNESDAY, JANUARY 24, 2007
4:32 MECCA TIME, 1:32 GMT
NEWS: AMERICAS
By Siraj Talal

PRESIDENT BUSH DELIVERS STATE OF THE UNION ADDRESS

Announces intention to expand Strategic Petroleum Reserve
United States Capitol
Washington, D.C.

In his State of the Union address last night, President Bush, speaking about 'a future of hope' announced his intention to expand the Strategic Petroleum Reserve as a way to strengthen America's energy security.

The 20-year effort to increase the emergency stockpile from its current capacity, 691 million barrels, to 1.5 billion barrels would provide enough oil to compensate for a loss of nearly 100 days of net oil imports, almost double today's reserve criteria.

This move is unsurprising in light of the recent embargo and reflects the president's belief that oil-rich regions such as the Middle East will continue to be unstable and that in an increasingly unstable world, the Strategic Petroleum Reserve is a much-needed insurance policy.

Last night's State of the Union was also notable because it was the first address in which a sitting US President addressed a female Speaker of the house, Nancy Pelosi...(More)