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US Energy Secretary Spencer Abraham said Thursday that he is confident there are adequate oil supplies available to the United States to compensate for any losses of crude oil as a result of the war in Iraq.
In a statement to the Armed Services Committee of the US Senate, Abraham said that "world energy supplies are more than adequate to compensate for any disruption" that might be caused if Iraq President Saddam Hussein attempts to sabotage Iraqi oil wells.
Abraham said Organization of Petroleum Exporting Countries (OPEC) oil producers, especially Saudi Arabia, have boosted production and have built up large stockpiles of oil.
"The response by OPEC and major producers like Saudi Arabia, and if needed, our large strategic stockpiles, will ensure that our economy will have the ample supply of energy it needs," Abraham said.
He also stressed that the Bush administration will use the nation's emergency oil reserves if needed.
However, he gave no indication that the US government was preparing to release oil from the Strategic Petroleum Reserve any time soon.
(Xinhua News Agency March 21, 2003)
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