There currently appears to be sufficient supply of non-Iranian oil to permit foreign countries to significantly reduce their import of Iranian oil, taking into account current estimates of demand, increased production by countries other than Iran, inventories of crude oil and petroleum products, and available strategic petroleum reserves.

WHITEHOUSE: The White House

It calls for an expansion of global strategic petroleum reserves, which would ease the impact of oil disruptions.

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Clinton and Dole rush in with their offers: sell off part of the Strategic Petroleum Reserves (Clinton's offer), repeal the gas tax (Dole's offer).

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Demand is weak as the world economy slows, and the White House could be prompted to release strategic petroleum reserves amid rising tensions in the Middle East.

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As part of a three-phase program to increase its strategic petroleum reserves, China is building four emergency oil-storage facilities across western China, in the east and in the south.

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Meantime, crude oil prices were lower Monday on worries the U.S. government may tap its Strategic Petroleum Reserves due to a hurricane shutting in production in the Gulf of Mexico.

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Are they considering opening up Strategic Petroleum Reserves also?

WHITEHOUSE: The White House

Other countries have also responded: Europe has offered 2m barrels per day of petroleum products from its strategic reserves, though it is not yet clear how this will be divided between crude oil and petrol.

ECONOMIST: Oil and troubled waters | The

There was some speculation yesterday that the the government was set to release reserves from the Strategic Petroleum Reserve (SPR), but the White House later denied it.

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