Delays expected in oil shipments
Energy Secretary Spencer Abraham said Tuesday it may be two to three months before Venezuelan oil shipments to the United States return to normal levels, now that the crisis that shut down production in the country has passed.
Abraham, appearing before a Senate committee, also said the Bush administration was ready to tap its emergency reserves, but would do so only if there are severe disruptions of supplies and only in consultation with other major energy-consuming nations.
His testimony came as energy prices across the board -- from gasoline to crude oil, heating oil and natural gas -- continue to soar.
Pressed on the matter, Abraham said he couldn't be specific on the level of Venezuelan imports. But he said a delay of 60 to 90 days could be expected between an increase in production in Venezuela and barrels of that country's oil arriving in the United States.
Asked about using the government's Strategic Petroleum Reserve to dampen prices, Abraham reiterated the administration's conviction that the emergency supplies of oil should be used only to counter severe shortages and not to influence prices.