Status And Outlook Of The Strategic Petroleum Reserve

Author : U. S. Senate Committee on Ene Resources
Publisher :
ISBN 13 : 9781331729129
Total Pages : 84 pages
Book Rating : 4.7/5 (291 download)

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Download or read book Status and Outlook of the Strategic Petroleum Reserve written by U. S. Senate Committee on Ene Resources and published by . This book was released on 2015-07-18 with total page 84 pages. Available in PDF, EPUB and Kindle. Book excerpt: Excerpt from Status and Outlook of the Strategic Petroleum Reserve: Hearing Before the Committee on Energy and Natural Resources, United States Senate, One Hundredth Congress, Second Session, on the Status and Outlook of the Strategic Petroleum Reserve, August 8, 1988 The committee met, pursuant to notice, at 2:03 p.m., in room SD-366, Dirksen Senate Office Building, Hon. Bill Bradley presiding. Senator BRADLEY. The committee will come to order. There is now a vote in progress, so I will put the committee in recess until I go vote and come back. So, the committee will now be in recess. [Recess.] OPENING STATEMENT OF HON. BILL BRADLEY, U.S. SENATOR FROM NEW JERSEY Senator Bradley. The committee will come to order. Today the committee is holding a hearing on the strategic petroleum reserve which I am chairing at the Chairman's request. If there is anything in energy policy on which Democrats and Republicans agree, on which the administration and Congress agree, and even on which the presidential candidates agree, it is that we have to fill the strategic petroleum reserve. All apparently agree that the SPR is the cornerstone of any energy emergency policy. Despite this unanimous support, all is not well with the SPR program. Although the SPR is growing in absolute terms, the fill rate is not keeping pace with the rise in oil imports in the United States. One can view the amount of oil stored in the SPR in terms of number of days of U.S. net petroleum imports. Looking at it this way, the Energy Information Administration says the SPR peaked in size in 1985 at 115 days of net petroleum imports and declined thereafter. In fact, measured in those terms, the SPR will be smaller when President Reagan leaves office, less than 90 days' supply, than when he began his second term in 1985 when it was 96 days of supply. If oil prices remain low, then at the current SPR fill rate, there will be only 65 days of net import supply in the SPR by 1995. The SPR will require a billion barrels in storage if we are to maintain the 90 day supply in the SPR that Secretary Hodel advocated before this committee four years ago. The Federal budget treats oil stored in the SPR as an expense, not an asset. Likewise, the budget scoring creates no incentive for filling the SPR. About the Publisher Forgotten Books publishes hundreds of thousands of rare and classic books. Find more at www.forgottenbooks.com This book is a reproduction of an important historical work. Forgotten Books uses state-of-the-art technology to digitally reconstruct the work, preserving the original format whilst repairing imperfections present in the aged copy. In rare cases, an imperfection in the original, such as a blemish or missing page, may be replicated in our edition. We do, however, repair the vast majority of imperfections successfully; any imperfections that remain are intentionally left to preserve the state of such historical works.