Bush is moving to fill oil reserve

  • Tuesday, November 13, 2001 9:00pm
  • Business

Amid a world oil glut and declining prices, the United States is moving for the first time to fill its emergency petroleum reserve to its full 700 million-barrel capacity over the next few years. President Bush on Tuesday directed that the reserve be filled “in a deliberate and cost-effective manner,” beginning as soon as possible, to protect against oil supply disruptions. The shipments to the Strategic Petroleum Reserve, a series of Gulf Coast salt domes in Louisiana and Texas, are expected to begin next. Administration officials stressed there was no imminent threat of an oil supply interruption, saying they believed it prudent to refill reserves while prices were falling.

Popular Science magazine named the Boeing Co.’s Sonic Cruiser and two other technology developments to its “Best of What’s New” list for 2001. The list was announced Tuesday. Boeing’s work on the X-45A unmanned combat air vehicle received the Grand Prize in the magazine’s aviation and space category, making it the year’s top new idea in the category. The Sonic Cruiser and the Boeing-built Destiny laboratory for the international space station also made the list. “We appreciate Popular Science for recognizing the importance of these programs to the future of mankind,” said Dave Swain, Boeing’s chief technology officer.

The Federal Aviation Administration on Tuesday proposed requiring airlines to install new rudder control systems on their Boeing 737 aircraft. Problems with the rudder, the flap on the vertical tail of the aircraft, are suspected in two deadly U.S. air crashes. Moving the rudder left or right causes the plane to turn in that direction. Under the proposal, airlines would have five years to install the new system, still being developed by Boeing, and make any additional changes to the airplane to accommodate the new rudder. The FAA is seeking public comments for 60 days before issuing the new directive. The FAA estimates that 2,000 U.S. airplanes would have to be refitted, at a cost of $364 million.

Interest rates on short-term Treasury bills fell in Tuesday’s auction to the lowest levels in 43 years. Three-month bills sold at a discount rate of 1.815 percent. Six-month bills were auctioned at a discount rate of 1.820 percent. The new discount rates understate the actual return to investors – 1.850 percent for three-month bills with a $10,000 bill selling for $9,954.10 and 1.862 percent for a six-month bill selling for $9,908.00. In a separate report, the Federal Reserve said Tuesday that the average yield for one-year constant maturity Treasury bills, the most popular index for making changes in adjustable rate mortgages, fell to 1.99 percent last week from 2.11 percent the previous week.

Herald news services

Talk to us

> Give us your news tips.

> Send us a letter to the editor.

> More Herald contact information.

More in Business

Photo provided by 
Economic Alliance
Economic Alliance presented one of the Washington Rising Stem Awards to Katie Larios, a senior at Mountlake Terrace High School.
Mountlake Terrace High School senior wins state STEM award

Katie Larios was honored at an Economic Alliance gathering: “A champion for other young women of color in STEM.”

The Westwood Rainier is one of the seven ships in the Westwood line. The ships serve ports in the Pacific Northwest and Northeast Asia. (Photo provided by Swire Shipping)
Westwood Shipping Lines, an Everett mainstay, has new name

The four green-hulled Westwood vessels will keep their names, but the ships will display the Swire Shipping flag.

A Keyport ship docked at Lake Union in Seattle in June 2018. The ship spends most of the year in Alaska harvesting Golden King crab in the Bering Sea. During the summer it ties up for maintenance and repairs at Lake Union. (Keyport LLC)
In crabbers’ turbulent moment, Edmonds seafood processor ‘saved our season’

When a processing plant in Alaska closed, Edmonds-based business Keyport stepped up to solve a “no-win situation.”

Angela Harris, Executive Director of the Port of Edmonds, stands at the port’s marina on Wednesday, Jan. 24, 2024, in Edmonds, Washington. (Ryan Berry / The Herald)
Leadership, love for the Port of Edmonds got exec the job

Shoring up an aging seawall is the first order of business for Angela Harris, the first woman to lead the Edmonds port.

The Cascade Warbirds fly over Naval Station Everett. (Sue Misao / The Herald file)
Bothell High School senior awarded $2,500 to keep on flying

Cascade Warbirds scholarship helps students 16-21 continue flight training and earn a private pilot’s certificate.

Rachel Gardner, the owner of Musicology Co., a new music boutique record store on Thursday, Jan. 18, 2024 in Edmonds, Washington. Musicology Co. will open in February, selling used and new vinyl, CDs and other music-related merchandise. (Olivia Vanni / The Herald)
New Edmonds record shop intends to be a ‘destination for every musician’

Rachel Gardner opened Musicology Co. this month, filling a record store gap in Edmonds.

MyMyToyStore.com owner Tom Harrison at his brick and mortar storefront on Tuesday, Sept. 6, 2022 in Everett, Washington. (Olivia Vanni / The Herald)
Burst pipe permanently closes downtown Everett toy store

After a pipe flooded the store, MyMyToystore in downtown Everett closed. Owner Tom Harrison is already on to his next venture.

Melrose and Vine Collective owner Kara Langus in her vintage collection room at her store on Friday, Jan. 5, 2024 in Everett, Washington. (Olivia Vanni / The Herald)
New and vintage women’s boutique aims to dazzle in downtown Everett

Add some sparkle to your wardrobe: Melrose and Vine Collective opened inside a former bank building on Pacific Avenue.

Garry Clark, CEO of Economic Alliance Snohomish County. (Kevin Clark / Herald file)
CEO steps down at Economic Alliance Snohomish County

Garry Clark, who has led the nonprofit chamber of commerce for three years, is leaving to “seek new opportunities.”

Dan Bates / The Herald
When Seattle Genetics founder, Clay Siegall lost his father while in college, he switched from studying for an MD to studying for a PhD., and a goal to treat cancer patients.  His efforts are paying off in lives.
Ex-Seagen CEO to return to Bothell to lead newly relocated biotech firm

Clay Siegall, who resigned from Seagen over allegations of domestic abuse, is now CEO of cancer therapy developer Immunome.

Molbak’s Garden Cafe in Woodinville, Washington. Photographed in 2016. (Andrea Brown / The Herald)
‘Shocked and heartbroken’: Woodinville garden store Molbak’s to close

After 67 years, Molbak’s Home + Garden, a mainstay just across the county line, will cease operations early next year.

Good Cheer’s two thrift stores are great places to find Christmas decorations and other knick-knacks. (File photo by David Welton)
A guide to gift buying on Whidbey Island

Consider these unique gift idea suggestions from the South Whidbey Record and the Whidbey News-Times

Support local journalism

If you value local news, make a gift now to support the trusted journalism you get in The Daily Herald. Donations processed in this system are not tax deductible.