Post Tagged with: "SPR"
Biden’s SPR gamble sparks debate over U.S. energy security
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 …
How OPEC outplayed Biden
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 …
Biden just put a floor under oil. Will it work?
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 …
How big a problem is America’s shrinking oil reserve?
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 …
Exxon receives first oil from Biden’s strategic reserve release
(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
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, …
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
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 …
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 …
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 …
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 …