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A look at the White House decision to open the Strategic Petroleum Reserve as a result of the loss of millions of barrels of crude oil production caused by the impact of Hurricane Katrina.
When the White House opened the Strategic Petroleum Reserves after the devastation caused by Hurricane Katrina, the price of crude oil fell but, at the same time, gas prices rocketed. Economist and energy analyst Jason Schenker of Wachovia Corp. gives LOE guest host Bruce Gellerman a primer on the Reserves and talks about the impact the hurricane may have on oil production and the economy.