Bush authorizes oil release from Strategic Petroleum Reserve

September 1, 2005 Yesterday, President George W. Bush authorized the release of oil from the due to Hurricane Katrina's effects on  in the Gulf Coast.

The decision was made late Tuesday and announcement was made Wednesday.

The Strategic Petroleum Reserve consists of 700 million barrels of oil located in salt caverns along the Texas and Louisiana coast. The Strategic Petroleum Reserve is meant to act as a cushion for the oil market during disruptions of energy.

Energy production was interuppted by Katrina as more than 735 oil and rigs had to be evacuated. This shut down 95 percent of production and 88 percent of natural gas output in the Gulf of Mexico.