Financial irregularities at the strategic petroleum reserve

hearings before a subcommittee of the Committee on Government Operations, House of Representatives, Ninety-eighth Congress, first session, May 24 and November 9, 1983.
  • 451 Pages
  • 4.76 MB
  • English
U.S. G.P.O. , Washington
United States. Strategic Petroleum Reserve -- Management., Waste in government spending -- United St


United St

LC ClassificationsKF27 .G655 1983h
The Physical Object
Paginationiv, 451 p. :
ID Numbers
Open LibraryOL2663658M
LC Control Number85601057

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Financial irregularities at the strategic petroleum reserve: hearings before a subcommittee of the Committee on Government Operations, House of Representatives, Ninety-eighth Congress, first session, May 24 and November 9, The Strategic Petroleum Reserve: U.S.

Energy Security and Oil Politics, (Kenneth E. Montague Series in Oil and Business History) Hardcover – Aug by Bruce A. Beaubouef (Author) out of 5 stars 1 rating. See all 4 formats and editions Hide Cited by: 5. The question of the strategic petroleum reserve is potentially a major national issue.

Should we get caught short, there will be hell to pay not only for the United States but for its allies. Therefore it is important to have both a history of our efforts, an understanding of the extent to which they have succeeded, and what might be done to Cited by: 9.

This is a major strategic risk and poses a massive financial drain for an embattled economy and its growing current account deficit. To address energy insecurity, the Atal Bihari Vajpayee government mooted the concept of strategic petroleum reserves in @article{osti_, title = {Analysis of cavern shapes for the strategic petroleum reserve.}, author = {Ehgartner, Brian L and Sobolik, Steven Ronald}, abstractNote = {This report presents computational analyses to determine the structural integrity of different salt cavern shapes.

Three characteristic shapes for increasing cavern volumes are evaluated and compared to the baseline shape of a. the Department's financial position. With the assistance of an independent public accounting firm who applied agreed-upon procedures, we conducted a portion of the Departmentwide audit at the Strategic Petroleum Reserve and its integrated management and operating contractor, DynMcDermott Petroleum Operations Company (DynMcDermott).

In Decemberwhen memories of gas lines were fresh on the minds of Americans as a result of the OPEC oil embargo, Congress established the Strategic Petroleum Reserve (SPR).

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The law was designed “to reduce the impact of severe energy supply interruptions” such as. The Strategic Petroleum Reserve (SPR), the world's largest supply of emergency crude oil, was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program.

The federally-owned oil stocks are stored in huge underground salt caverns at four sites along the coastline of the Gulf of.

The Strategic Petroleum Reserve is an emergency stockpile of oil. The U.S. Department of Energy stores it for use in a crisis. The SPR was created in in response to the OPEC oil embargo. Some in Congress question whether it is still necessary.

Congress approved the Strategic Petroleum reserve (SPR) within the Power Coverage and Conservation Act (EPCA, P.L. ninety four) to assist forestall a repetition of the financial dislocation brought on by the seventy four Arab oil embargo.

The program is. The Trump administration offered storage space in the Strategic Petroleum Reserve. The Energy department is developing a plan to pay producers to leave crude in the ground. There are valid. US Crude Oil in the Strategic Petroleum Reserve Stocks is at a current level of M, up from M last week and down from M one year ago.

This is a change of % from last week and % from one year ago. Start studying APES Ch. 19 Practice quiz. Learn vocabulary, terms, and more with flashcards, games, and other study tools. His reported Strategic Petroleum Reserve scheme is a plan to funnel money to frackers, with a veneer of energy security.

The CSIS Energy and National Security Program is pleased to host a discussion on the future of the Strategic Petroleum Reserve (SPR) and the global strategic stocks system.

Keynote address by: Christopher A. Smith Assistant Secretary for Fossil Energy at the U.S. Department of Energy Panel discussion including: Bob Corbin Deputy Assistant Secretary at the Office of Petroleum Reserves at.

The federal government is authorized to build a strategic reserve of up to 1 billion barrels, or roughly million more than it has right now. The new plan would encompass the latter. In its fiscal budget plan, the Trump administration proposes selling off more than half of the U.S.

Strategic Petroleum Reserve [ ] To Read the Full Story. Download the Full Testimony. Testifying before the Senate Committee on Energy and Natural Resources, CGEP Founding Director Jason Bordoff discusses the status of the Strategic Petroleum Reserve and related energy security issues.

In his testimony, he made the following points: First, the recent attack on key Saudi Arabian oil facilities serves as a reminder of America’s vulnerability to. Fill 'er up: Trump to buy oil to fill the Strategic Petroleum Reserve — and help companies President says he will buy oil “at a very good price” to counter slumping demand.

US approves sale from strategic oil reserve as Iran sanctions loom US Strategic Petroleum Reserve makes emergency release in wake of Harvey The Financial Times and its journalism are. The Strategic Petroleum Reserve is a supply of petroleum held by the United States Department of Energy for emergency fuel.

It is the largest emergency supply in the world, and its underground tanks in Louisiana and Texas have capacity for million barrels. The United States started the petroleum reserve in after oil supplies were interrupted during the – oil embargo, to mitigate.

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the Strategic Petroleum Reserve currently Author: John Bromels. The Congress authorized the Strategic Petroleum Reserve in to store up to 1 billion barrels of oil that could be withdrawn from storage and distributed to replace lost imports if U.S.

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oil supplies were disrupted. After expenditures of nearly $18 billion, the Reserve is expected to contain about File Size: 6MB. With oil prices down sharply, the Energy Department postponed a sale from the government’s Strategic Petroleum Reserve—a move that could provide some relief for battered oil markets.

The strategic petroleum reserve: an overview of its development and use in the event of an oil supply disruption: report to the Congress / (Washington, D.C.: United States General Accounting Office, []), by United States General Accounting Office (page images at HathiTrust).

The fate of the Strategic Petroleum Reserve (SPR), a program for storing huge supplies of crude oil in salt caves, provides an opportunity for understanding the technology-policy nexus through a concentrated examination of the roles of ac- countability and administrative responsibility in an energy program considered vital to national by: 2.

A maze of crude oil pipes and valves at the Strategic Petroleum Reserve in Freeport, Texas (REUTERS/Richard Carson).

Blog Post by Guest blogger for Varun Sivaram J Strategic Petroleum Reserve - The latest news about Strategic Petroleum Reserve from the WSJ The Experts Blog.

An exclusive group of industry and thought leaders brought together by The Wall. Japan’s oil reserves were around million barrels at the end of February, equivalent to national consumption for more than seven months, according to the latest official data, while South.

The administration is actively considering selling 5 million to 30 million barrels from the Strategic Petroleum Reserve into the market, two sources with. Notes: Crude oil stocks in the Strategic Petroleum Reserve include non-U.S. stocks held under foreign or commercial storage agreements.

Bulk terminal stocks include stocks held by merchant producers. Stocks are reported as of the last day of the month. RBOB with Ether, RBOB with Alcohol, and Reformulated GTAB Motor Gasoline Blending Components. Topping off the Strategic Petroleum Reserve was never going to save the shale industry.

Oil tanks at the St. James Strategic Petroleum Reserve Terminal connected to Bayou Choctaw, one of four sites on the gulf of Mexico, each located near a major center of petrochemical refining and processing, in this case Baton Rouge, Louisiana.

Plans announced today to buy oil for the Strategic Petroleum Reserve caused oil prices to jump $2 per barrel. That’s far less than shale companies likely needed.