Strategic Petroleum Reserve by Robert L. Pirog and Robert Bamberger (Trade Paperback)

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Strategic Petroleum Reserve, Paperback by Bamberger, Robert; Pirog, Robert L., ISBN 1594547866, ISBN-13 9781594547867, Brand New, Free shipping in the US

About this product

Product Identifiers

PublisherNOVA Science Publishers, Incorporated
ISBN-101594547866
ISBN-139781594547867
eBay Product ID (ePID)50217391

Product Key Features

Number of Pages40 Pages
LanguageEnglish
Publication NameStrategic Petroleum Reserve
SubjectPublic Policy / Energy Policy, Power Resources / General, Petroleum
TypeTextbook
AuthorRobert L. Pirog, Robert Bamberger
Subject AreaPolitical Science, Technology & Engineering
FormatTrade Paperback

Dimensions

Item Weight3.4 Oz
Item Length5.5 in
Item Width8.5 in

Additional Product Features

Intended AudienceCollege Audience
LCCN2006-279858
Dewey Edition22
Dewey Decimal333.8/232110973
Table Of ContentPreface: Strategic Petroleum Reserve; The Strategic Petroleum Reserve: Possible Effects on Gasoline Prices of Selected Fill Policies; Index.
SynopsisTo help prevent a repetition of the economic dislocation caused by the 1973-74 Arab oil embargo, Congress authorised the Strategic Petroleum Reserve (SPR) in the Energy Policy and Conservation Act (EPCA, P.L. 94-163). Physically, the SPR comprises five underground storage facilities, hollowed out from naturally occurring salt domes, located in Texas and Louisiana. Oil stored at one of the sites, Weeks Island, was transferred after problems with the structural integrity of the cavern were discovered in the mid-1990s. Hurricane Katrina made landfall early in the morning of August 29, 2005 inflicting severe damage and shutting down oil and gas production and refining activities in the Gulf of Mexico. Damage assessments continue. By September 2, three requests for loans totalling 8.5 million barrels had been approved; a few others are pending. The Administration also announced it was making 30 million barrels available. However, as a policy tool to respond to the crisis, the SPR has limitations because a barrel of crude contributes to product supply only if there is refining capacity to turn the crude into gasoline or diesel fuel. Consequently, recovery from the hurricane's effects will depend upon resumption of production and refining operations in the Gulf, and the ability to transport petroleum products. On August 8, 2005, the President signed the Energy Policy Act of 2005 (H.R. 6). The bill as enacted permanently authorises the SPR and requires, "as expeditiously as practicable," expansion of the SPR to its authorised maximum of 1 billion barrels. The Secretary is required to develop procedures for achieving the fill objective without "incurring excessive cost," or placing upward pressure on prices. Any fill policy is also to take into consideration minimising income foregone to the Treasury by filling the SPR with additional royalty-in-kind (RIK) oil., To help prevent a repetition of the economic dislocation caused by the 1973-74 Arab oil embargo, Congress authorised the Strategic Petroleum Reserve (SPR) in the Energy Policy and Conservation Act (EPCA, P.L. 94-163). Physically, the SPR comprises five underground storage facilities, hollowed out from naturally occurring salt domes, located in Texas and Louisiana. Oil stored at one of the sites, Weeks Island, was transferred after problems with the structural integrity of the cavern were discovered in the mid-1990s. Hurricane Katrina made landfall early in the morning of August 29, 2005 inflicting severe damage and shutting down oil and gas production and refining activities in the Gulf of Mexico. Damage assessments continue. By September 2, three requests for loans totalling 8.5 million barrels had been approved; a few others are pending. The Administration also announced it was making 30 million barrels available. However, as a policy tool to respond to the crisis, the SPR has limitations because a barrel of crude contributes to product supply only if there is refining capacity to turn the crude into gasoline or diesel fuel. resumption of production and refining operations in the Gulf, and the ability to transport petroleum products. On August 8, 2005, the President signed the Energy Policy Act of 2005 (H.R. 6). The bill as enacted permanently authorises the SPR and requires, as expeditiously as practicable, expansion of the SPR to its authorised maximum of 1 billion barrels. The Secretary is required to develop procedures for achieving the fill objective without incurring excessive cost, or placing upward pressure on prices. Any fill policy is also to take into consideration minimising income foregone to the Treasury by filling the SPR with additional royalty-in-kind (RIK) oil.
LC Classification NumberHD9566.B255 2006

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