Post Tagged with: "SPR"

Source: Oil Price

U.S. aims to restock strategic oil reserves by year-end

Oil Price


The Biden Administration aims to have crude in the Strategic Petroleum Reserve (SPR) back up to the levels before the massive sales of 180 million barrels in the past two years, U.S. Energy Secretary Jennifer Granholm said at …

Source: Reuters

Biden’s SPR gamble sparks debate over U.S. energy security

Oil Price


The United States established its Strategic Petroleum Reserve (SPR) in the wake of the 1973–1974 oil embargo that disrupted oil imports and drove oil prices much higher.

The SPR consists primarily of several large underground salt caverns for …

Source: Reuters

How OPEC outplayed Biden

Oil Price


In December 1975, when memories of gas lines were fresh on the minds of Americans as a result of the 1973 OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR). The law was designed “to reduce the …

Source: Oil Price

Biden just put a floor under oil. Will it work?

Oil Price


The Biden administration is ready to sell additional volumes of crude oil from the strategic petroleum reserve after the end of the 180-million-barrel release plan and then it would begin replenishing the SPR once prices fall to $67-$72 …

Source: Oil Price

President Biden is planning to release more oil from the SPR

Oil Price


The Biden administration is planning to release another 10 to 15 million barrels of crude from the strategic petroleum reserve, Bloomberg reported today, citing unnamed sources in the know. This release would be the latest in the government’s …

Source: Oil Price

How big a problem is America’s shrinking oil reserve?

Oil Price


What is the U.S. Strategic Petroleum Reserve (SPR)? What are the implications of depleting the SPR, which the U.S. has been doing now since 2016? Further, what has been the impact of the rapid drawdown of the SPR …

Source: World Oil

Exxon receives first oil from Biden’s strategic reserve release

World Oil


(Bloomberg) –The first oil from President Joe Biden’s release from the country’s emergency crude reserves is being granted to Exxon Mobil Corp.

The company will receive 4.8 million barrels of oil from the Strategic Petroleum Reserve as part …

Recent legislation would reduce the U.S. Strategic Petroleum Reserve

Recent legislation would reduce the U.S. Strategic Petroleum Reserve

EIA


On Tuesday, November 23, the White House announced plans to make 50 million barrels of crude oil available to the market through a combination of exchanges and accelerating previously announced sales. With these sales and several other legislated drawdowns, …

Source: Jacob Ford, MBI / Associated Press

Are Congressional oil sales risking an oil price spike?

Source: Houston Chronicle


WASHINGTON – Plans to shrink the U.S. Strategic Petroleum Reserve by 40 percent over the next eight years risks a spike in global energy prices, a top official at the International Energy Agency warned the Senate Thursday.…

U.S. Won’t Use Petroleum Reserve to Reduce Oil Prices: Perry

U.S. Won’t Use Petroleum Reserve to Reduce Oil Prices: Perry

From Houston Chronicle/Bloomberg

The U.S. has no plans to tap the nation’s emergency oil stockpile to offset supply losses from Iran, according to U.S. Energy Secretary Rick Perry.

Selling oil from the Strategic Petroleum Reserve would have “a fairly minor …

September 27, 2018 - 11:48 am Closing Bell Story‎, Energy News
Image: Oil & Gas 360

100 Million Barrels of Strategic Oil Reserves to be Sold

Recent U.S. legislation has directed the sale of more than 100 million barrels of oil from the Strategic Petroleum Reserve (SPR) in government fiscal years 2022 through 2027.

Based on legislated sales established in multiple acts of Congress, the SPR …

February 26, 2018 - 2:05 pm Closing Bell Story‎, Finance, Law, Oil and Gas 360 Articles
Yuan Down, Part 2: Changes to How China Handles its Oil Reserves

Yuan Down, Part 2: Changes to How China Handles its Oil Reserves

At Today’s Lower Prices China is Adding 70-90 MMBoe to SPR with Strategic Crude Oil Purchases

Simultaneously to the Peoples Bank of China intentionally depreciating the Yuan last week, China’s National Energy Administration announced on May 31, 2016 that the …

Source: Sweetcrudereport.com

U.S. Looks to Sell 174 Million Barrels from the SPR between 2017-2025

Recently enacted laws call for the sale of SPR oil to reduce the budget deficit and fund new infrastructure projects

The Strategic Petroleum Reserve (SPR) is a U.S. Government complex of four sites with deep underground storage caverns created in …

December 9, 2015 - 5:45 pm Closing Bell Story‎, Oil and Gas 360 Articles