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Washington, D.C. - Secretary of Energy Samuel W. Bodman released the following statement regarding today's announcement by the International Energy Agency:
"In responding to Hurricane Katrina, today, the International Energy Agency (IEA) recognized the immediate need to supply additional crude oil and gasoline products to the market. Therefore, IEA member countries have agreed to make available 60 million barrels, or, an average of 2 million barrels per day, for 30 days beginning immediately. This will consist of both oil and gasoline, with an emphasis on refined product.
"To meet our obligations as a member of the IEA, the United States will release 30 million barrels of crude oil from the Strategic Petroleum Reserve. This decision comes in addition to the 8.5 million barrels already released under loan agreements over the past several days. This action has been taken in close consultation with major producing nations.
"The United States welcomes this decision by the IEA as an appropriate response to the supply disruption occurring as a result of Hurricane Katrina. This historic response is a remarkable signal of international solidarity in the face of the largest national disaster in America's history."
Craig Stevens, 202/586-4940