Strategic Petroleum Reserve annual report for calendar year 1998

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Description

The Strategic Petroleum Reserve was established in 1975 as an emergency response to the 1973 Arab oil embargo. It is authorized by the Energy Policy and Conservation Act (EPCA), and by the comprehensive energy plans of all Administrations since 1975, in recognition of the long-term dependence of the US on imported crude oil and petroleum products. Section 165 of EPCA requires the Secretary of Energy to submit an Annual Report to the President and the Congress. On May 13, 1998, the Department published a Statement of Administration Policy which reaffirmed its commitment to maintain a Government-owned and controlled, centrally located ... continued below

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48 pages

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Creator: Unknown. December 31, 1998.

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This report is part of the collection entitled: Office of Scientific & Technical Information Technical Reports and was provided by UNT Libraries Government Documents Department to Digital Library, a digital repository hosted by the UNT Libraries. It has been viewed 28 times . More information about this report can be viewed below.

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Description

The Strategic Petroleum Reserve was established in 1975 as an emergency response to the 1973 Arab oil embargo. It is authorized by the Energy Policy and Conservation Act (EPCA), and by the comprehensive energy plans of all Administrations since 1975, in recognition of the long-term dependence of the US on imported crude oil and petroleum products. Section 165 of EPCA requires the Secretary of Energy to submit an Annual Report to the President and the Congress. On May 13, 1998, the Department published a Statement of Administration Policy which reaffirmed its commitment to maintain a Government-owned and controlled, centrally located Strategic Petroleum Reserve of crude oil. The Reserve is to be used solely for responding to the types of severe oil supply interruptions presently contemplated in EPCA. Over the past twenty years, the Reserve has grown as large as 592 million barrels--a peak reached in 1994. From 1994 to 1996, nearly 28 million barrels were sold to raise revenues for the U S Treasury. As of December 31, 1998, the crude oil inventory was 561,108,127 barrels which equated to 60 days of net oil imports during 1998. The US now relies on a combination of both the Reserve and private stocks to meet its oil storage obligations to the International Energy Agency.

Physical Description

48 pages

Notes

OSTI as DE00334266

Source

  • Other Information: Supercedes report DE99002704; PBD: [1998]

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  • Other: DE99002704
  • Report No.: DOE/FE--0389
  • DOI: 10.2172/334266 | External Link
  • Office of Scientific & Technical Information Report Number: 334266
  • Archival Resource Key: ark:/67531/metadc685563

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Office of Scientific & Technical Information Technical Reports

Reports, articles and other documents harvested from the Office of Scientific and Technical Information.

Office of Scientific and Technical Information (OSTI) is the Department of Energy (DOE) office that collects, preserves, and disseminates DOE-sponsored research and development (R&D) results that are the outcomes of R&D projects or other funded activities at DOE labs and facilities nationwide and grantees at universities and other institutions.

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Creation Date

  • December 31, 1998

Added to The UNT Digital Library

  • July 25, 2015, 2:20 a.m.

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  • Nov. 11, 2015, 12:42 p.m.

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Strategic Petroleum Reserve annual report for calendar year 1998, report, December 31, 1998; United States. (digital.library.unt.edu/ark:/67531/metadc685563/: accessed October 24, 2017), University of North Texas Libraries, Digital Library, digital.library.unt.edu; crediting UNT Libraries Government Documents Department.