United States Department of Transportation
ROSA P serves as an archival repository of USDOT-published products including scientific findings, journal articles, guidelines, recommendations, or other information authored or co-authored by USDOT or funded partners.
As a repository, ROSA P retains documents in their original published format to ensure public access to scientific information.
[PDF-91.37 KB]
Details:
-
Creators:
-
Corporate Creators:
-
Subject/TRT Terms:
-
Publication/ Report Number:
-
Resource Type:
-
Geographical Coverage:
-
Corporate Publisher:
-
Abstract:The Strategic Petroleum Reserve (SPR) was authorized in late 1975 in the Energy Policy and Conservation Act (EPCA) to protect the Nation against a repetition of the economic dislocation caused by the 1973-74 oil embargo. Congressional attention to the SPR declined during the 1990s as a number of developments intersected: (1) the need to cut federal spending; (2) declining likelihood of prolonged and crippling oil supply interruptions; (3) unregulated oil markets that appear to operate efficiently in allocating and pricing oil; (4) a consensus that the SPR was probably at an adequate level and additional fill was not justified. In early 1994, the Administration and Congress agreed to suspend further purchases for the SPR. Maintaining SPR readiness and upgrading aging infrastructure became the major priority. The onset of severe winter weather in late 1999, coupled with low crude and product stocks, brought about sharp increases in home heating oil prices in the Northeast, and calls for a drawdown. The Administration argued that this was not the sort of situation for which the SPR was intended. However, President Clinton supported establishment of a regional heating oil reserve in the Northeast. The 106th Congress resolved issues surrounding reauthorization of the SPR. The final version of the legislation (P.L. 101-469), signed into law on November 9, 2000, included provisions for permanent establishment of a home heating oil reserve, and purchase of stripper well oil for the SPR when prices are depressed. The explicit authorities governing the SPR had expired at the end of March 2000. However, the DOE General Counsel determined in early July 2000 that authority existed for the Administration to establish an interim home heating oil reserve, which now holds its full complement of 2 million barrels.
-
Content Notes:Updated May 31, 2005 - Indicated on title page
-
Format:
-
Collection(s):
-
Main Document Checksum:
-
Download URL:
-
File Type:
