Senate Votes to Continue Oil Reserve Program
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Associated Press
WASHINGTON — The Senate on Tuesday approved, 98 to 1, a four-year, $7.3-billion continuation of the Strategic Petroleum Reserve, a program designed to prepare the United States for possible disruptions in world petroleum supplies by storing 750 million barrels of oil in underground caverns.
The oil reserve is authorized under the Energy Policy and Conservation Act, passed in 1977 in the aftermath of the 1973-74 Arab oil embargo. It was to expire on June 30.
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