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Topic: Strategic Petroleum Reserve

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	Strategic Petroleum Reserve Update (Site not responding. Last check: 2007-10-10)
		The Strategic Petroleum Reserve (SPR) is an emergency supply of crude oil that was designed to be the nation's first line of defense in the case of petroleum supplies being interrupted.
		On October 9th, the House approved H.Res.250, a non-binding resolution to fill the SPR to its authorized capacity of 1 billion barrels of crude oil, by a 409-3 vote.
		Different sections of the federal government recognized the need for a federal petroleum reserve starting as early as the 1940s but, despite the general call for a reserve, Congress did not authorize one until 1975, when the Energy Policy and Conversation Act (EPCA) was signed into law (Public Law 94-163) after the Arab oil embargoes.
	www.agiweb.org /gap/legis107/spr.html (1458 words)

	Strategic Petroleum Reserve - Wikipedia, the free encyclopedia
		The Strategic Petroleum Reserve (SPR) is an emergency petroleum store maintained by the United States Department of Energy.
		Access to the reserve is determined by the conditions written into the 1975 Energy Policy and Conservation Act (EPCA), primarily to counter a severe supply interruption.
		Approximately 60% of the crude oil in the reserve is the less desirable sour (high sulfur content) variety.
	en.wikipedia.org /wiki/Strategic_Petroleum_Reserve (1657 words)

	Howstuffworks "What is the Strategic Petroleum Reserve?"
		With oil prices rising, the U.S. government has decided to tap into its Strategic Petroleum Reserve to help make sure that people who use oil to heat their homes will have plenty and that the price will not be too high.
		The Strategic Petroleum Reserve is the United States' emergency oil stockpile, and it is the largest emergency petroleum supply in the world.
		The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo.
	people.howstuffworks.com /question478.htm (597 words)

	ExpectMore.gov: Strategic Petroleum Reserve
		The SPR Strategic Plan outlines seven core values and nine supporting success factors at which the program must excel to ensure success of the long-term readiness goal.
		Explanation: SPR participates in International Energy Agency activities including the presentation and exchange of management, technical and operational information on the U.S. government experience with emergency oil stocks so as to lead by example in encouraging member states to fulfill and maintain their stockholding responsibilities, including the effective use of stocks in crises.
		Germany also stores strategic reserves in salt caverns, and their annual operating costs are believed to be on the same order of magnitude as the SPR's.
	www.whitehouse.gov /omb/expectmore/detail.10001048.2005.html (2391 words)

	A rare look at the U.S. strategic oil reserves \| EnergyBulletin.net \| Peak Oil News Clearinghouse
		This is part of the world's largest and most expensive filling station, the U.S. Strategic Petroleum Reserve, where a large portion of the government's nearly 700 million barrels of oil are stored in underground salt shafts that are supposed to be stable for the next thousand years or so.
		So, even though the reserve will soon be filled, there is no sense that it has provided the country with enough of a cushion in the event of a severe disruption in oil supplies.
		Releasing oil from the reserve to ease prices had mixed effects in late 2000, with prices dropping from $37 a barrel to $30 in September 2000 in the days after the first oil flowed out of the reserve but recovering to $36.
	www.energybulletin.net /3544.html (1207 words)

	87050: The Strategic Petroleum Reserve
		The Strategic Petroleum Reserve (SPR) was authorized in late 1975 to protect the Nation against a repetition of the economic dislocation caused by the 1973-74 oil embargo.
		But many argued that the SPR should be used to moderate the price effects that even small shortages (like those of the 1970s or the tight inventories being experienced during the current spring) and the lack of confidence in availability of supply can trigger.
		Yet, at the same time, the domestic petroleum industry was critical of the drawdown, arguing that it was an inappropriate use of the SPR, and an intrusion into the oil market that places the government in competition with domestic producers.
	www.fas.org /man/crs/87-050.htm (5633 words)

	DOE - Fossil Energy: The Nation's Strategic Petroleum Reserve (Site not responding. Last check: 2007-10-10)
		Decisions to withdraw crude oil from the SPR are made by the President under the authorities of the Energy Policy and Conservation Act.
		Fill was suspended in FY 1995 to devote budget resources to refurbishing the SPR equipment and extending the life of the complex through at least the first quarter of the next century.
		In managing the Strategic Petroleum Reserve Program, the Office of Fossil Energy's overriding objective is to maintain the readiness of the oil stockpile for emergency use at the President's direction.
	www.fe.doe.gov /programs/reserves/spr (1158 words)

	Assume the Position
		The short answer to why the Strategic Petroleum Reserve isn't full is that filling was stopped mostly as a deficit reduction measure in 1994 when the SPR contained something less than 600 million barrels, leaving it a bit more than 100 million barrels short of the maximum capacity of 700 million barrels.
		One million barrels of crude delivered from the SPR to two refineries and fully replaced in a month-and-a-half, and not because the oil companies "were having problems with their tanker fleets" other than that the shipping channel was blocked and they couldn't reach the unloading terminal.
		It is worth noting, however, that one of the costs of turning the deficit into a surplus during the Clinton years was to cease filling the SPR and the later sell-off of about 5% of the crude then in storage to generate $545 million in revenues.
	pherrett.blogspot.com /2004_03_28_pherrett_archive.html (3036 words)

	DOE - Fossil Energy: U.S. Petroleum Reserves (Site not responding. Last check: 2007-10-10)
		The U.S. Strategic Petroleum Reserve is the largest stockpile of government-owned emergency crude oil in the world.
		The Naval Petroleum and Oil Shale Reserves (NPOSR) has a storied history beginning with its inception in 1912 during the Teddy Roosevelt administration to the 1998 sale of its supergiant Elk Hills oil field (Naval Petroleum Reserve No. 1) under the Clinton administration to Occidental Petroleum.
		The only remaining oil reserve managed by the Department of Energy is the Teapot Dome field (NPR-3) in Casper, Wyoming, which is now a stripper field that serves as an oilfield technology testing center.
	www.fe.doe.gov /programs/reserves (528 words)

	EconLog, Strategic Petroleum Reserve, Arnold Kling: Library of Economics and Liberty
		The SPR should be used to blunt short term spikes caused by temporarily market illiquidity.
		I always thought that the Strategic Patroleum Reserve was meant to be an emergency fuel supply for the military if we ever found ourselves in a situation in which our oil supply was cut off during an attack.
		I always understood the SPR to be a reserve as kind of an insurance policy for supply disruption.
	econlog.econlib.org /archives/2004/03/strategic_petro.html (1064 words)

	Update on Strategic Petroleum Reserve (Site not responding. Last check: 2007-10-10)
		The need for a national petroleum reserve was recognized as early as the 1940s.
		In 1944, the Secretary of the Interior advocated the stockpiling of petroleum.
		SPR is made up of five oil storage sites located in underground salt domes along the Gulf of Mexico.
	www.agiweb.org /legis105/sprsum.html (1359 words)

	The Strategic Petroleum Reserve
		The Strategic Petroleum Reserve (SPR) is the nation's first line of defense against an interruption in petroleum supplies.
		Decisions to withdraw crude oil from the SPR during an energy emergency are made by the President under the authorities of the Energy Policy and Conservation Act.
		The SPR proved its value in 1991 when a partial drawdown, coupled with a coordinated international supply response, dampened oil price hikes during the Persian Gulf War.
	www.jewishvirtuallibrary.org /jsource/US-Israel/spr.html (720 words)

	DOE - Fossil Energy: Quick Facts about the Strategic Petroleum Reserve (via CobWeb/3.1 planetlab2.cs.umd.edu) (Site not responding. Last check: 2007-10-10)
		The Strategic Petroleum Reserve is a U.S. Government complex of four sites created in deep underground salt caverns along the Texas and Louisiana Gulf Coast that hold emergency supplies of crude oil.
		Oil can be pumped from the Reserve at a maximum rate of 4.4 million barrels per day for up to 90 days, then the drawdown rate begins to decline as storage caverns are emptied.
		In creating the SPR caverns, the dissolved salt was removed as brine and either reinjected into disposal wells or more commonly, piped several miles offshore into the Gulf of Mexico.
	www.fe.doe.gov.cob-web.org:8888 /programs/reserves/spr/spr-facts.html (1795 words)

	BWXT Operations - Strategic Petroleum Reserve Operations (via CobWeb/3.1 planetlab2.cs.umd.edu) (Site not responding. Last check: 2007-10-10)
		Strategic reserve oil can be distributed through interstate pipelines to nearly half of the Nation's oil refineries or loaded into ships or barges for transport to other refineries.
		The SPR ensures and maintains the readiness capability to draw down and distribute crude oil from the SPR inventory to commercial distribution systems in order to protect the domestic U.S. economy from the impact of energy supply disruptions.
		Strategic Petroleum Reserve caverns range in size from six to 30 million barrels in capacity; however, the typical cavern is 10 million barrels and cylindrical in shape having a diameter of 200 feet and a height of 2,000 feet.
	www.bwx.com.cob-web.org:8888 /operations/spr.html (409 words)

	Clinton considers tapping oil reserves - Sep. 21, 2000
		The reserve has only been tapped once before, during the Gulf War, but according to Dennis O'Brien, director of the Institute for Energy Economics and Policy at the University of Oklahoma and a former senior official at the Department of Energy, the effect to tap the reserve was purely psychological.
		The reserve is comprised of two-thirds sour crude and one-third sweet crude.
		Gore also recommended instituting a permanent home heating oil reserve in the Northeast to be tapped when oil prices rise, $400 million in emergency funds to help low-income families, and a temporary $600 million tax credit for home heating oil companies to encourage them to increase their supplies.
	money.cnn.com /2000/09/21/economy/gore_oil (1292 words)

	CBS News \| Will Market Notice Full Petroleum Reserve? \| June 7, 2005 19:39:40
		Whether or not prices ease after the SPR is full, the process's end will temporarily put to rest a debate about whether the Bush administration's policy of filling the reserve to the brim amid record-high oil prices was a good one.
		The SPR was established in December 1975, following the Arab oil embargo, but the first barrels weren't delivered until the summer of 1977.
		However, the maximum drawdown capacity of the reserve is 4.3 million barrels a day, according to the government, which amounts to 27 percent of the daily input to refineries in the United States.
	www.cbsnews.com /stories/2005/06/07/ap/business/mainD8AIVG3O0.shtml (855 words)

	Debate flares over strategic oil stockpiles - Oil & Energy - MSNBC.com
		While Democrats call for releasing some of those reserves to help ease oil prices, President Bush Wednesday repeated his long-standing position that the stockpile should only be used in the event of a critical cutoff of fuel needed to maintain the country’s national defense.
		The Strategic Petroleum Reserve, established in 1975 after the original OPEC-induced “oil shock,” is a series of underground salt domes in four sites in Texas and Louisiana.
		Beginning in 2001, when the reserves stood at about 540 million barrels, the Bush administration has been steadily topping off the stockpile, which has a capacity of 700 million barrels.
	www.msnbc.msn.com /id/5015445 (1280 words)

	President Orders Strategic Petroleum Reserve Filled
		The Strategic Petroleum Reserve (SPR) is an important element of our Nation's energy security.
		The SPR will be filled in a deliberate and cost-effective manner.
		Filling the SPR up to capacity will strengthen the long-term energy security of the United States.
	www.whitehouse.gov /news/releases/2001/11/20011113.html (121 words)

	South-Western: Strategic Petroleum Reserve
		The Strategic Petroleum Reserve (SPR) was created as a result of the Energy Policy and Conservation Act in December 1975 in response to the 1973-74 oil embargo.
		Opponents of the use of the SPR argue that even though the price of oil has increased, the real cost of energy is substantially lower today than it was in the 1970s.
		He indicates that the SPR is designed to be used only for a crisis situation and its use for other purposes would leave the U.S. vulnerable to a serious energy crisis if foreign supplies are cut off.
	www.swlearning.com /economics/policy_debates/oil.html (2401 words)

	Pillaging the Strategic Petroleum Reserve Human Events - Find Articles
		You may recall that under President Carter the SPR was barely being filled for fear of offending OPEC members, particularly Saudi Arabia, which engaged in oil-barrel thumping (the oil-producer equivalent of saber-rattling), saying in effect, "If you start to fill SPR, we will view it as a hostile act and.
		By 1983 there was already sufficient oil in the reserve to cause certain congressmen to begin suggesting that for the "sake of the people heating with oil," particularly in the Northeast, we should deplete the reserve to drive down the price.
		As secretary of energy I rejected these suggestions because there were two serious problems with them: First, the SPR was a strategic reserve and if we used it for pricefixing purposes, we would not have it when we needed it.
	www.findarticles.com /p/articles/mi_qa3827/is_200010/ai_n8919268 (850 words)

	TheStreet.com: Will Strategic Petroleum Reserve Oil Make You Warm? Maybe Not
		While a couple of refiners are getting a piece of the action, a significant amount of oil is going to energy trading firms to be put to work in their general trading efforts.
		Two other winners of SPR oil are also unconventional: Burhany Energy Enterprises is located in Tallhasee, Fla. Burhany also appears to be a sole proprietorship, with Ronald Peek listed as the company's only employee.
		And a final rub: Each of the recipients of SPR oil had to agree to replace the oil between August and November of next year -- a period that is prime time for building heating oil reserves for next winter.
	www.thestreet.com /comment/christopheredmonds/1115538.html (979 words)

	The Case against the Strategic Petroleum Reserve (Site not responding. Last check: 2007-10-10)
		The Strategic Petroleum Reserve has been almost uniformly embraced by politicians and energy economists as one of the best means to protect the nation against oil supply shocks.
		The SPR has been tapped only three times, and in each of those instances, the releases were too modest and, with the exception of the 2005 release related to Hurricane Katrina, too late to produce significant benefits.
		I think it was Clinton who first used the Strategic Petroleum Reserve as an economic tool, in much the same way as he drew down our military and spent the "peace dividend" on stupid social programs.
	www.freerepublic.com /focus/f-news/1621787/posts (1441 words)

	The Strategic Petroleum Reserve (Site not responding. Last check: 2007-10-10)
		Decisions to withdraw crude oil from the SPR during an energy emergency are made by the President.
		Today, the SPR holds nearly 600 million barrels of crude oil, the largest emergency oil stockpile in the world.
		Fill will be suspended in FY 1995 to devote budget resources to refurbishing the SPR equipment and extending the life of the complex through at least the first quarter of the next century.
	pzl1.ed.ornl.gov /Sprpage.htm (845 words)

	Jerry Taylor & Peter Van Doren on Strategic Oil Reserve on National Review Online
		That is, with one exception: The federal government could tap into the long-dormant Strategic Oil Reserve (the SPR).
		They argue that the SPR is there to protect us not against high oil prices (which, in fact, come and go) but against a catastrophic interruption in oil imports.
		Not if the SPR were put on autopilot and open for business 24 hours a day, seven days a week, for as long as the government held the reserve.
	www.nationalreview.com /comment/taylor_van_doren200405200927.asp (825 words)

	Strategic Petroleum Reserve
		If you have been following the Strategic Petroleum Reserve oil swap you will recall that several of the original bidders for the 30 million barrels of crude were disqualified and the Department of Energy had to conduct a second round of bidding for 7 million barrels.
		These numbers revise downward the percentage of additional oil to be received next year from the oil companies that borrowed 23 million barrels of oil in the first round.
		Increases in distillates (gasoline and fuel oil) as a result of the SPR swap are discussed in an AP news article: Impact of U.S. Oil Release is Limited.
	www.wtrg.com /spr (679 words)

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