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Citgo reverses decision to cut oil aid to US poor
07 Jan 2009 22:41:01 GMT
 Source: Reuters
BOSTON, Jan 7 (Reuters) - Venezuela-owned Citgo Petroleum Corp on Wednesday said it would resume shipments of free oil for about 200,000 low-income Americans, two days after indicating the program would be scrapped.

"This decision is the result of a strong commitment and a big effort on the part of Citgo and our shareholder in light of the current global financial crisis and its impact on the oil industry in general," said Citgo Chairman and Chief Executive Alejandro Granado.

The move came just two days after Citizens Energy, a nonprofit which distributes the oil, said Citgo was pulling the plug on the program.

Citizens, run by former U.S. Rep. Joseph Kennedy, had distributed about $100 million per year of Venezuelan oil over the past three years, growing to reach hundreds of thousands of Americans in 23 states.

Kennedy, a Democrat and a nephew of assassinated President John F. Kennedy, announced the program's suspension this week, saying Venezuela's move had been driven by the world financial crisis and falling oil prices.

U.S. heating oil prices soared for the past few winters as oil prices surged to a record July high near $150 a barrel. Oil futures <CLc1> now trade for less than one third of their peak price, and heating oil is down by about 30 percent from last year, according to the U.S. Department of Energy.

Venezuela, a member of the Organization of Petroleum Exporting Countries, enjoyed surging oil revenues for much of the past five years but has seen that income stream dwindle since oil retreated from its July record. (Reporting by Scott Malone and Jason Szep; Editing by David Gregorio)


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