for Strategic Petroleum Reserve
The amount of oil that can be diverted into the SPR will likely be of little market consequence.
On the agenda at budget hearings this week will be energy innovation, the proper size of the Strategic Petroleum Reserve (SPR), offshore drilling, and oil production on public lands.
Despite the DOE and others making the case for a slimmer Strategic Petroleum Reserve, the U.S. is still vulnerable to wild price swings and global supply outages.
Congress has passed the FAST Act, the first long-term transportation bill in more than a decade, but it has used controversial sources to fund the legislation. The government will sell off some 66 million barrels of crude from the SPR and use some $53.3 billion in Federal Reserve Bank surplus funds.
As the shale boom stalls and demand rises, Congress's willingness to sell oil from the Strategic Petroleum Reserve reflects the fact that lawmakers have grown complacent on energy security.
There’s been a lot of discussion lately about a possible diminished role for the U.S.’ strategic crude stockpile now that the country’s imports have declined dramatically since their peak ten years ago and domestic production has boomed.
Presidential candidates for 2016 have talked immigration, taxes, jobs, social issues, and foreign policy, but critical energy issues have not been on anyone’s radar.