OIL: White House OKs release of 30 million barrels from...

In responding to Hurricane Katrina, the Administration has used every tool at its disposal to mitigate any disruption in fuel supply:

The Department of Energy worked quickly to approve requests of loans from the Strategic Petroleum Reserve to oil refineries. Within 48 hours of receiving requests, oil was on its way to requesting refineries. As of September 3, 2005 loans totaling 12.1 million barrels of oil from the Strategic Petroleum Reserve have been approved.

The EPA issued a nationwide waiver that allows use of "winter blend" reformulated gasoline throughout the country in place of the "summer blend" that otherwise would have been required through September 15, and that currently is in much shorter supply. This action allowed use of the considerable stock of reformulated gasoline in storage, and is already helping to increase the supply of fuels to consumers.

EPA is also allowing the use of diesel fuel which exceeds 500 ppm sulfur content, providing additional fuel for generators used by first responders, aid providers, and essential services.

The Department of Homeland Security waived the Jones Act restrictions on the transportation by ship of petroleum, gasoline and other refined petroleum products. This action will allow additional tankers and barges to transport oil and gasoline into ports around the country that may have seen supply disrupted by pipelines running at lower capacity.

The International Energy Agency (IEA) has announced that its member countries will make 60 million barrels of petroleum products available on the market (the President's authorization to draw down oil from the Strategic Petroleum Reserve fulfills the U.S.'s part of this action).

The Treasury Department and IRS announced that "dyed diesel fuel" normally limited to off-road use would be permitted for road use. This action will bring more diesel supply into the market, enabling transport of essential relief supplies to the affected areas.

Various countries are offering to donate oil - or petrol - (I amn't sure which) - to the US.

And yes, petrol is going up.

I'd seriously recommend checking out the DOE website on the Reserve. Did you know that oil producers on federally-leased oilfields are requirexd to hand over 12-17% of their production or pay the equivalent dollar value?