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Keyword: spr

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  • U.S. To Sell 10 Million Barrels From Strategic Reserves This Month

    02/09/2017 9:03:17 AM PST · by bananaman22 · 25 replies ^ | 09-02-2017 | Irina
    Some 10 million barrels of crude from the U.S.’s strategic reserve are scheduled to be sold later this month, the Department of Energy said. The shipment is part of a total 25 million barrels, to be sold over a period of three years, as per the 21st Century Cures Act, signed in December last year. Sales from the SPR are conducted, according to the DoE, to “respond to a severe energy supply interruption, to prevent or address lesser supply shortages or to conduct evaluations of drawdown and sales procedures.” The Department added that the bidding is open to all companies...
  • U.S. To Sell First 8 Million Barrels From Strategic Reserves

    01/09/2017 2:09:43 PM PST · by bananaman22 · 27 replies ^ | 09-01-2017 | ZH
    Two weeks ago we previewed that the U.S. Department of Energy could begin to sell off some of its strategic petroleum reserve (SPR) as soon as January, the beginning of a multi-year process to shrink the nation’s stockpile of oil. Congress has authorized DOE to sell off $375.4 million worth of oil in its recent budget resolution. The DOE said that such a sale could be held in January 2017. Part of the motivation to sell crude is to finance upkeep for the SPR itself. The reserves are held in salt caverns in Louisiana and Texas, setup decades ago in...
  • Oil Markets Brace As U.S. Looks To Sell 100 Million Barrels From SPR

    09/09/2016 2:59:36 PM PDT · by bananaman22 · 36 replies ^ | 09-09-2016 | SPR
    Aging infrastructure could render the U.S. strategic petroleum reserve (SPR) increasingly ineffective, according to a new report from the Department of Energy. The U.S. has stored roughly 700 million barrels of crude oil in salt caverns in Texas and Louisiana for decades. The SPR was established in the aftermath of the Arab oil embargo in 1973, which painfully revealed U.S. oil dependence as high prices drove up inflation, created fuel shortages and lines at gas stations, and rocked the American economy. The SPR was setup to stash 90 days’ worth of supply into storage for safekeeping, meant to be used...
  • New legislation affects U.S. Strategic Petroleum Reserve

    12/09/2015 5:17:28 AM PST · by thackney · 21 replies
    Energy Information Administration ^ | DECEMBER 9, 2015 | Energy Information Administration
    Two recently enacted laws authorize significant sales of crude oil from the Strategic Petroleum Reserve (SPR) over the next decade. The Bipartisan Budget Act authorizes the sale of 58 million barrels of SPR oil between FY 2018-25 for deficit reduction purposes and an estimated 40-50 million barrels of oil in FY 2017-20 for SPR modernization. As part of the Bipartisan Budget Act, the U.S. Department of Energy (DOE) is required to complete a long-term strategic review of the SPR to ensure it meets current and future energy and economic security goals and objectives. The Fixing America's Surface Transportation Act authorizes...
  • The House Just Passed Another Bailout, This Time for Highways and Transit

    11/06/2015 8:44:03 PM PST · by Tolerance Sucks Rocks · 28 replies
    The Daily Signal ^ | November 5, 2015 | Michael Sargent
    Today, the House overwhelmingly passed the Surface Transportation Reauthorization and Reform Act (STRR) to much fanfare.The six-year, $325-billion bill reauthorizes highway and transit funding from the federal Highway Trust Fund that was set to expire on November 20. The bill is being heralded as no less than a historic “long-term” measure, emerging after “ten years of short-term band-aids and extensions.”But make no mistake: Despite the bill’s name and the exhortations of its admirers, STRR is another status quo bailout, plain and simple.It follows in a long line of short-term bailouts that do nothing to fix the chronic overspending and misallocation...
  • Obama, GOP Want To Sell Off 40 Percent Of US Strategic Oil Reserves To Fund Gov’t Programs

    10/31/2015 5:45:29 PM PDT · by · 104 replies
    Daily Caller News Foundation ^ | 10/28/2015 | Michael Bastasch
    Lawmakers are pushing legislation that could result in the selling off of 266 million barrels of oil from the country’s Strategic Petroleum Reserve (SPR) over the next decade, mostly to fund more government spending. Legislation for health care, highway funding and financing the government could end up drawing on down on oil supplies meant for emergency situations. If all three bills are signed into law, some 266 million barrels, or nearly 40 percent, of the current 695 million barrel SPR would be sold off in the next decade to raise about $23 billion. “The 114th Congress has introduced three separate...
  • U.S. budget deal would sell 58 million barrels of oil from emergency reserves

    10/27/2015 6:28:49 AM PDT · by thackney · 48 replies
    Reuters ^ | Oct 27, 2015 | Reuters
    Congressional leaders proposed to sell 58 million barrels of oil from U.S. emergency reserves over six years starting in fiscal 2018 to help pay for a budget deal that ends mandatory spending cuts, according to a copy of the bill posted to a congressional website. The Strategic Petroleum Reserve holds more than 695 million barrels of crude in Texas and Louisiana, a bounty that U.S. lawmakers have eyed a few times this year to pay for a new drug program and highway maintenance.
  • Moniz: Strategic Petroleum Reserve is too valuable to sell its stockpiles

    10/07/2015 5:40:21 AM PDT · by thackney · 6 replies
    Fuel Fix ^ | October 6, 2015 | Jennifer A. Dlouhy
    The Senate Energy and Natural Resources Committee on Tuesday examined the future of the nation’s emergency oil stockpile, amid calls to sell off some of the stored supplies as a revenue-raiser and an Obama administration push to stash more refined petroleum products alongside raw crude. Energy Secretary Ernest Moniz broadly agreed with senators and expert witnesses that changes are needed to ensure the Strategic Petroleum Reserve remains a valuable insurance policy against global crude supply disruptions. That includes bolstering some of the infrastructure surrounding the salt caverns in southwest Louisiana and southeast Texas that make up the reserve, so that...
  • Congress Eyes Sales From Nation's Oil Stockpile for Highway Funding

    07/23/2015 8:51:32 AM PDT · by thackney · 40 replies
    Wall Street Journal ^ | July 22, 2015 | AMY HARDER and NICOLE FRIEDMAN
    Lawmakers are eyeing the Strategic Petroleum Reserve as a piggy bank, but not without controversy. The Senate is considering legislation that would partly replenish the u.S. highway trust fund with $9 billion worth of sales from the reserve, which at 69S.1 million barrels of oil is close to its 713.S-million-barrel capacity. This month, the House passed a bill to sell 80 million barrels from the reserve to raise $7 billion to help pay for legislation to boost government drug approvals and research funding. But proposals to tap the nation's oil stockpile as a way to pay for unrelated government programs...
  • US Senate energy bill to speed LNG exports, clarify SPR sales limits

    07/23/2015 5:58:37 AM PDT · by thackney
    Platts ^ | 22 Jul 2015 | Platts
    Key US senators have reached a deal on a broad package of energy sector reforms that if enacted would speed decision-making on liquefied natural gas exports, focus the intent of the Strategic Petroleum Reserve and require reviews of how federal rules impact electric system reliability. The agreement on the bipartisan legislative package follows a number of Senate hearings in recent months and lawmakers' consideration of more than 100 bills offered for inclusion in the wider package. The bill unveiled Wednesday is also the result of negotiations between the two leaders of the Senate Energy and Natural Resources Committee -- Chairman...
  • Opinion: The Strategic Petroleum Reserve IS NOT The Senate's Piggy-Bank

    07/22/2015 2:50:46 PM PDT · by thackney · 16 replies
    Oil Pro ^ | 7/22/2015 | Jeff Reed
    The US Senate showed a disturbing lack of respect for US energy security on Tuesday. The upper chamber introduced a highway bill that proposes selling oil from the US Strategic Petroleum Reserve (SPR) to partially pay for a three-year extension of the highway trust fund. The bill is the result of a deal between Senate Majority Leader Mitch McConnell and California Democrat Senator Barbara Boxer. Legislators project that selling 101 billion barrels from the 693 billion barrel stockpile would raise $9 billion if the government sells the oil between 2018 and 2025. The bill assumes an average oil price of...
  • New role for strategic oil reserve seen by U.S. Energy Secretary(wants it as political tool instead)

    06/16/2015 6:38:12 AM PDT · by bestintxas · 15 replies
    world oil ^ | 6/16/15 | JIM SNYDER and BRIAN WINGFIELD
    The Strategic Petroleum Reserve should be tapped to ease global oil-price shocks and not be limited to easing U.S. supply emergencies, Energy Secretary Ernest Moniz said Monday. Moniz said rising U.S. crude production gives the nation more flexibility in how it uses the reserve, created four decades ago in response to supply shortfalls caused by the Arab oil embargo. The four underground salt caverns can hold more than 700 MMbbl of oil. Putting crude from the reserve into the domestic market provides the U.S. with “the most valuable protections” from oil-market disruptions, Moniz said at a conference sponsored by the...
  • BP & Noble Energy Chosen To Replenish The US SPR

    04/10/2015 10:25:31 AM PDT · by thackney · 8 replies
    Oil Pro ^ | 4/10/2015 | Jeff Reed
    he US Department of Energy announced Thursday afternoon that it has awarded contracts for the delivery of crude oil to the Strategic Petroleum Reserve (SPR) to BP and Noble Energy so as to replenish oil it sold last year (see below). With a capacity of 727 million barrels, the SPR is the largest stockpile of government-owned emergency crude oil in the world. Together, the SPR crude oil and facilities represent a $26 billion investment in energy security ($21 billion for crude oil and $5 billion for facilities). Founded in the wake of the 1973-74 oil embargo, the SPR provides the...
  • Feds to buy 5 million barrels of oil for emergency stockpile

    03/16/2015 5:06:51 AM PDT · by thackney · 24 replies
    Fuel Fix ^ | March 13, 2015 | Jennifer A. Dlouhy
    The Department of Energy is planning to buy up to 5 million barrels of oil to replenish the Strategic Petroleum Reserve after a test sale last year. The planned purchase of sweet crude between June 1 and July 31 is required by federal laws forcing the Department of Energy to buy back petroleum products within one year, using the proceeds from a test sale. In this case, the recent collapse in crude prices means the government is set to make money on the two transactions — effectively buying low now after selling high last year. During the March 2014 test...
  • Senator: Time to rethink our emergency oil stockpile

    10/23/2014 10:33:18 AM PDT · by thackney · 19 replies
    Fuel Fix ^ | October 23, 2014 | Jennifer A. Dlouhy
    Sen. Ron Wyden wants the United States to rethink the size and scope of its emergency oil stockpile. Because a surge of domestic oil production has pared the United States’ reliance on foreign crude, the country may not need to stash as much away in the Strategic Petroleum Reserve, Wyden, D-Ore., said in a letter to Energy Secretary Ernest Moniz. “The recent shale boom is having a profound effect on United States energy policy” and making even relatively recent rules “at best irrelevant,” Wyden said. “In the case of the SPR, estimates on size are no longer in line with...

    03/20/2014 8:26:29 PM PDT · by DIRTYSECRET · 24 replies
    Empty it on the world market. This should effect Russia. The others? Who knows. We won't be needing it soon.
  • US To Tap Strategic Petroleum Reserve

    03/13/2014 11:20:50 AM PDT · by Cletus.D.Yokel · 96 replies
    The Obama administration will release 5 million barrels of sour crude from the United States’ emergency stockpile in what officials described as a “test” of the nation’s ability to respond to oil supply disruptions around the globe.
  • U.S. to lend Marathon 1 million barrels of oil

    09/02/2012 6:42:39 AM PDT · by thackney · 27 replies
    Fuel Fix ^ | August 31, 2012 | Zain Shauk
    The U.S. Department of Energy will lend 1 million barrels of oil to Marathon Petroleum Corp. after the company requested it because of impacts related to Hurricane Isaac. The government will lend the barrels from a Strategic Petroleum Reserve site in Louisiana. Marathon will have to return the same quantity of oil within three months, plus additional “premium barrels,” which the department described as “similar to interest.” The department said a loan is different from a release of the reserves, which the White House has said was an option if Isaac disrupted oil supplies and markets. The reserves could begin...
  • Steffy: Tapping oil reserve a matter of smoke and mirrors

    08/31/2012 11:29:50 AM PDT · by thackney · 1 replies
    Fuel Fix ^ | August 31, 201 | Loren Steffy
    As Hurricane Isaac churned toward the Louisiana coast earlier this week, roiling oil markets, the Obama administration again floated the possibility of tapping the Strategic Petroleum Reserve. Releases from the reserve have become the political equivalent of cranking the levers behind the curtain in Oz. It looks impressive, but it doesn’t really do anything. “I don’t see the rationale,” said William Arnold, a professor of energy management at Rice University. “There are no unusual supply disruptions at the moment.” The bigger concern, with a presidential election looming, is gasoline prices. The average price nationally for a gallon of regular unleaded...
  • A Gas Price Emergency -- for America, or for Obama (Opening the Petroleum Reserve)

    08/24/2012 3:23:30 PM PDT · by lbryce · 24 replies
    The Examiner ^ | August 24, 2012 | Diana Furchtgott-Roth
    To combat rising gasoline prices, anonymous White House sources are reporting that President Obama will release oil from the Strategic Petroleum Reserve. When Obama was inaugurated, the average gasoline prices were $1.84 per gallon, and oil was at about $39 for a 42-gallon barrel. On Monday, refiners were paying about $96 for a barrel of West Texas Intermediate, and the average price of regular gasoline was $3.72, up from $3.45 a month earlier. The 696-million barrel Strategic Petroleum Reserve, stored in underground salt caverns in Texas and Louisiana, exists to protect America against "severe energy supply disruptions," according to the...