    [Public Papers of the Presidents of the United States: George H. W. Bush (1991, Book I)]
    [January 16, 1991]
    [Page 45]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement by Press Secretary Fitzwater on the Strategic Petroleum
    Reserve
    January 16, 1991

        The President tonight authorized Secretary of Energy James D.
    Watkins, pursuant to the terms of the Energy Policy and Conservation
    Act, to draw down and distribute the Strategic Petroleum Reserve (SPR)
    at such a rate as the Secretary may determine.
        The authorization to draw down the SPR is in conformance with the
    emergency response plan agreed to in the International Energy Agency
    (IEA) on January 11, 1991. The IEA plan provides that, in anticipation
    of any possible temporary shortfall in oil supplies in the event of
    hostilities in the Persian Gulf, 2.5 million barrels of oil per day be
    made available by member countries. The U.S. contribution to meeting the
    IEA commitment is 1.125 million barrels per day.
        The President made a finding that events in the Persian Gulf have
    resulted in a potential national energy supply shortage constituting a
    ``severe energy supply interruption,'' as defined in section 3(8) of the
    Energy Policy and Conservation Act. The President's action was a
    precautionary measure, taken in concert with our IEA partners, designed
    to promote stability in world oil markets.