Strategic Petroleum Reserve Issues
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Strategic Petroleum Reserve
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Author : Robert Bamberger
language : en
Publisher: DIANE Publishing
Release Date : 2010
Strategic Petroleum Reserve written by Robert Bamberger and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010 with Technology & Engineering categories.
Contents: (1) History of the Strategic Petroleum Reserve (SPR): Establishment of the SPR; (2) The Drawdown Authorities: Proposals in the 111th Congress to Amend the Authorities; (3) Acquisition of Crude Oil for the SPR: Resumption of Fill (2009); Royalty-in-Kind Acquisition; (4) When Should the SPR Be Used?: The Debate Over the Years; Use of the SPR in the Persian Gulf War (1990); Hurricanes and Changes in the Market Dynamics (2005-2008); The Call for an SPR Drawdown: Summer 2008; (5) Establishment of a Regional Home Heating Oil Reserve.
Strategic Petroleum Reserve Issues Regarding The Inclusion Of Refined Petroleum Products As Part Of The Strategic Petroleum Reserve
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Author : Frank Rusco
language : en
Publisher: DIANE Publishing
Release Date : 2010-02
Strategic Petroleum Reserve Issues Regarding The Inclusion Of Refined Petroleum Products As Part Of The Strategic Petroleum Reserve written by Frank Rusco and has been published by DIANE Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2010-02 with Technology & Engineering categories.
The possibility of storing refined petroleum products as part of the Strategic Petroleum Reserve (SPR) has been contemplated since the SPR was created in 1975. The SPR, which currently holds about 700 million barrels of crude oil, was created to help insulate the U.S. economy from oil supply disruptions. However, the SPR does not contain refined products such as gasoline, diesel fuel, or jet fuel. The Energy Policy Act of 2005 directed the Dept. of Energy to increase the SPR's capacity from 727 million barrels to 1 billion barrels. This testimony discusses (1) some of the arguments for and against including refined products in the SPR; and (2) lessons learned from the management of the existing crude oil SPR that may be applicable to refined products. Illus.
Strategic Petroleum Reserve
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Author :
language : en
Publisher:
Release Date : 2009
Strategic Petroleum Reserve written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with Petroleum products reserves categories.
The possibility of storing refined petroleum products as part of the Strategic Petroleum Reserve (SPR) has been contemplated since the SPR was created in 1975. The SPR, which currently holds about 700 million barrels of crude oil, was created to help insulate the U.S. economy from oil supply disruptions. However, the SPR does not contain refined products such as gasoline, diesel fuel, or jet fuel. The Energy Policy Act of 2005 directed the Department of Energy (DOE) to increase the SPR's capacity from 727 million barrels to 1 billion barrels, which it plans to do by 2018. With the possibility of including refined products as part of the expansion of the SPR, this testimony discusses (1) some of the arguments for and against including refined products in the SPR and (2) lessons learned from the management of the existing crude oil SPR that may be applicable to refined products. To address these issues, GAO relied on its 2006 report on the SPR (GAO-06-872), 2007 report on the globalization of petroleum products (GAO-08-14), and two 2008 testimonies on the cost-effectiveness of filling the SPR (GAO-08-512T and GAO-08-726T). GAO also reviewed prior DOE and International Energy Agency studies on refined product reserves. Since the SPR, the largest emergency crude oil reserve in the world, was created in 1975 a number of arguments have been made for and against including refined petroleum products. Some of the arguments for including refined products in the SPR are: (1) the United States' increased reliance on imports and resulting exposure to supply disruptions or unexpected increases in demand elsewhere in the world, (2) possible reduced refinery capacity during weather related supply disruptions, (3) time needed for petroleum product imports to reach all regions of the United States in case of an emergency, and (4) port capacity bottlenecks in the United States, which limit the amount of petroleum products that can be imported quickly during emergencies. For example, the damage caused by Hurricane Katrina demonstrated that the concentration of refineries on the Gulf Coast and resulting damage to pipelines left the United States to rely on imports of refined product from Europe. Consequently, regions experienced a shortage of gasoline and prices rose. Conversely, some of the arguments against including refined products in the SPR are: (1) the surplus of refined products in Europe, (2) the high storage costs of refined products, (3) the use of a variety of different type of blends of refined products--"boutique" fuels--in the United States, and (4) policy alternatives that may diminish reliance on oil. For example, Europe has a surplus of gasoline products because of a shift to diesel engines, which experts say will continue for the foreseeable future. Europe's surplus of gasoline is available to the United States in emergencies and provided deliveries following Hurricanes Katrina and Rita in 2005. The following three lessons learned from the management of the existing SPR may have some applicability in dealing with refined products. (1) Select a cost-effective mix of products. In 2006, GAO recommended that DOE include at least 10 percent heavy crude oil in the SPR. If DOE bought 100 million barrels of heavy crude oil during its expansion of the SPR it could save over $1 billion in nominal terms, assuming a price differential of $12 between the price of light and heavy crude, the average differential from 2003 through 2007. Similarly, if directed to include refined products as part of the SPR, DOE will need to determine the most cost-effective mix of products. (2) Consider using a dollar-cost-averaging acquisition approach. Also in 2006, GAO recommended that DOE consider acquiring a steady dollar value--rather than a steady volume--of oil over time when filling the SPR. This would allow DOE to acquire more oil when prices are low and less when prices are high. GAO expects that a dollar-cost-averaging acquisition method would also provide benefits when acquiring refined products. (3) Maximize cost-effective storage options. According to DOE, below ground salt formations offer the lowest cost approach for storing crude oil for long periods of time--$3.50 per barrel in capital cost versus $15 to $18 per barrel for above ground storage tanks. Similarly, DOE will need to explore the most cost-effective storage options for refined products.
Issues Needing Attention In Developing The Strategic Petroleum Reserve Federal Energy Administration
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Author : United States. General Accounting Office
language : en
Publisher:
Release Date : 1977
Issues Needing Attention In Developing The Strategic Petroleum Reserve Federal Energy Administration written by United States. General Accounting Office and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1977 with Petroleum categories.
The Strategic Petroleum Reserve
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Author :
language : en
Publisher:
Release Date : 2008
The Strategic Petroleum Reserve written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Petroleum categories.
Congress authorized the Strategic Petroleum Reserve (SPR) in the Energy Policy and Conservation Act (EPCA, P.L. 94-163) to help prevent a repetition of the economic dislocation caused by the 1973-1974 Arab oil embargo. The program is managed by the Department of Energy (DOE). Physically, the SPR comprises five underground storage facilities, hollowed out from naturally occurring salt domes in Texas and Louisiana. EPCA authorized drawdown of the Reserve upon a finding by the President that there is a "severe energy supply interruption." Congress enacted additional authority in 1990 (Energy Policy and Conservation Act Amendments of 1990, P.L. 101-383), to permit use of the SPR for short periods to resolve supply interruptions stemming from situations internal to the United States. The meaning of a "severe energy supply interruption" has been controversial. A spike in crude and product prices often stirs calls to use the SPR. However, the statute intends use of the SPR only to ameliorate discernible physical shortages of crude oil. The dynamics of world oil markets, and price sensitivity to planned or unplanned events that temporarily reduce production from the refining sector, have added new dimensions and complexities to decision making on when to fill and to use the SPR. The capacity of the SPR is 727 million barrels, and it currently holds about 698 million barrels of crude oil. In addition, a Northeast Heating Oil Reserve (NHOR) holds 2 million barrels of heating oil in above-ground storage. The SPR could be drawn down initially at a rate of 4.3 million barrels per day (mbd) for up to 90 days; thereafter, the rate would begin to decline. At issue in recent years has been whether SPR capacity should be expanded and whether the reserve should continue to be filled.
Strategic Petroleum Reserve
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Author : United States Accounting Office (GAO)
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2018-05-21
Strategic Petroleum Reserve written by United States Accounting Office (GAO) and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2018-05-21 with categories.
Strategic Petroleum Reserve: Issues Regarding the Inclusion of Refined Petroleum Products as Part of the Strategic Petroleum Reserve
The Potential Modernization Of The Strategic Petroleum Reserve And Related Energy Security Issues
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Author : Committee on Energy and Natural Resources United States Senate
language : en
Publisher:
Release Date : 2016-10-18
The Potential Modernization Of The Strategic Petroleum Reserve And Related Energy Security Issues written by Committee on Energy and Natural Resources United States Senate and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2016-10-18 with categories.
The Strategic Petroleum Reserve (SPR) was originally authorized by the Energy Policy and Conservation Act of 1975. The Senate is deliberating over the Developing a Reliable and Innovative Vision for the Economy (DRIVE) Act, known colloquially as the reauthorization of the Highway Trust Fund. Such a reauthorization, however, costs billions of dollars per year. The DRIVE Act presently includes a provision that authorizes the drawdown and sale of 101 million barrels of crude oil from the SPR during the 2018-2025 period as partial payment for a three-year reauthorization of the Highway Trust Fund. Such a sale would be unprecedented in scope and would occur at a time of elevated threats to global oil production and distribution. The federal government has drawn down the Strategic Petroleum Reserve numerous times over the past three decades for a total of 166 million barrels. A sale of 101 million barrels would be unprecedented in both its duration and volume. The proposal to sell SPR oil comes at a time of heightened unplanned petroleum production outages across the world. For example, violence rages in Libya, Nigeria, and Iraq, and tensions are high between Iran and the Gulf Arab states, including Saudi Arabia.
Strategic Petroleum Reserve Issues
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Author : United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Fossil and Synthetic Fuels
language : en
Publisher:
Release Date : 1982
Strategic Petroleum Reserve Issues written by United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Fossil and Synthetic Fuels and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1982 with Energy policy categories.
The Potential Modernization Of The Strategic Petroleum Reserve And Related Energy Security Issues
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Author : United States. Congress
language : en
Publisher: Createspace Independent Publishing Platform
Release Date : 2017-11-30
The Potential Modernization Of The Strategic Petroleum Reserve And Related Energy Security Issues written by United States. Congress and has been published by Createspace Independent Publishing Platform this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-11-30 with categories.
The potential modernization of the Strategic Petroleum Reserve and related energy security issues : hearing before the Committee on Energy and Natural Resources, United States Senate, One Hundred Fourteenth Congress, first session ... Tuesday, October 6, 2015.
Strategic Petroleum Reserve Oil Supply And Construction Problems
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Author : United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Energy and Power
language : en
Publisher:
Release Date : 1980
Strategic Petroleum Reserve Oil Supply And Construction Problems written by United States. Congress. House. Committee on Interstate and Foreign Commerce. Subcommittee on Energy and Power and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1980 with Petroleum categories.