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The Strategic Petroleum Reserve (SPR) is an emergency petroleum store maintained by the United States Department of Energy. The US SPR is the largest emergency supply in the world with the current capacity to hold up to 727 million barrels (115,600,000 m³) of crude oil. The second largest emergency supply of petroleum is Japan's with a 2003 reported capacity of 579 million barrels (92,100,000 m³). Petro redirects here. ...
The United States Department of Energy (DOE) is a Cabinet-level department of the United States government responsible for energy policy and nuclear safety. ...
Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ...
Strategic petroleum reserves (SPR) refer to crude oil reserves held by the government of a particular country for the purpose of providing economic and national security during an energy crisis. ...
The current inventory is displayed on the SPR's website. As of June 11, 2008, the current inventory was {{convert|704.9|Moilbbl|m3}). At current market prices ($138 a barrel) the SPR holds over $38.7 billion in sweet crude and approximately $50.9 billion in sour crude (assuming a $15/barrel discount for sulpher content). The total value of the crude in the SPR is approximately $89.6 billion USD.
On May 13, 2008, the United States Senate and House of Representatives voted nearly unanimously to temporarily suspend the 70,000 barrel per day shipment of petroleum to the nation's emergency reserve[1]. A temporary halt to SPR stockpiling is hoped to increase oil supplies and thereby reduce the cost of oil, although analysts are divided on whether it will have a meaningful effect to consumers[2]. Shipments to the Strategic Oil Reserve would resume at the end of 2008. On May 16, 2008, the Department of Energy announced it was canceling oil shipments into the SPR beginning in July 2008 when the current purchase contract expires.[3] On May 19, 2008, the White House signaled President Bush's intent to sign the legislation passed by the Congress.[4] Type Upper House President of the Senate Richard B. Cheney, R since January 20, 2001 President pro tempore Robert C. Byrd, D since January 4, 2007 Members 100 Political groups Democratic Party Republican Party Last elections November 7, 2006 Meeting place Senate Chamber United States Capitol Washington, DC United States...
Type Bicameral Speaker of the House of Representatives House Majority Leader Nancy Pelosi, (D) since January 4, 2007 Steny Hoyer, (D) since January 4, 2007 House Minority Leader John Boehner, (R) since January 4, 2007 Members 435 plus 4 Delegates and 1 Resident Commissioner Political groups Democratic Party Republican Party...
The United States started the petroleum reserve in 1975 after oil supplies were cut off during the 1973-74 oil embargo, to mitigate future temporary supply disruptions. According to the World Factbook[5], the United States imports a net 12 million barrels (1,900,000 m³) of oil a day (MMbd), so the SPR holds about a 58-day supply. However, the maximum total withdrawal capability from the SPR is only 4.4 million barrels (700,000 m³) per day, making it a 160 + day supply. The 1973 oil crisis began on October 17, 1973, when the members of Organization of Arab Petroleum Exporting Countries (OAPEC, consisting of the Arab members of OPEC plus Egypt and Syria) announced, as a result of the ongoing Yom Kippur War, that they would no longer ship oil to nations...
The World Factbook is an annual publication by the Central Intelligence Agency of the United States with basic almanac-style information about the various countries of the world. ...
Facilities The SPR management office is located in New Orleans, Louisiana. NOLA redirects here. ...
The reserve is stored at four sites on the Gulf of Mexico, each located near a major center of petrochemical refining and processing. Each site contains a number of artificial caverns created in salt domes below the surface. Gulf of Mexico in 3D perspective. ...
A salt dome is formed when a thick bed of evaporite minerals (mainly salt, or halite) found at depth intrudes vertically into surrounding rock strata, forming a diapir. ...
Individual caverns within a site can be up to 1000 m below the surface, average dimensions are 60 m wide and 600 m deep, and capacity ranges from 6 to 37 million barrels (1 to 4.3 million m³). Almost $4 billion was spent on the facilities. The decision to store in caverns was taken to reduce costs; the Dept. of Energy claims it is roughly 10 times cheaper to store oil below surface with the added advantages of no leaks and a constant natural churn of the oil due to a temperature gradient in the caverns. The caverns were created by drilling down and then dissolving the salt with water.
Existing - Bryan Mound - Freeport, Texas. 20 caverns with a storage capacity of 254 million barrels (40,400,000 m³) with a drawdown capacity of 1.5 million barrels (240,000 m³) per day.[6][7].
- Big Hill - Winnie, Texas. Has a capacity of 160 million barrels (25,000,000 m³) with a drawdown capacity of 1.1 million barrels (170,000 m³) per day. This facility is planned to be expand to 250 million barrels (40,000,000 m³) with a new drawdown capacity of 1.5 million barrels (240,000 m³) per day.[7]
- West Hackberry - Lake Charles, Louisiana. Has a capacity of 227 million barrels (36,100,000 m³) with a drawdown capacity of 1.3 million barrels (210,000 m³) per day.[7]
- Bayou Choctaw - Baton Rouge, Louisiana. Has a capacity of 76 million barrels (12,100,000 m³) with a maximum drawdown rate of 550,000 barrels (87,000 m³). This facility is planned to be expand to 109 million barrels (17,300,000 m³) with a new drawdown capacity of 600,000 barrels (95,000 m³) per day.[7]
Freeport is a city located in Brazoria County, Texas and is situated in East Texas. ...
Winnie is a census-designated place located in Chambers County, Texas. ...
This article is about the City of Lake Charles. ...
For the Canadian restaurant, see Baton Rouge (restaurant). ...
Future - Richton, Mississippi. This facility, if built as planned, will have a capacity of 160 million barrels (25,000,000 m³) with a drawdown capacity of 1 million barrels (160,000 m³) per day.[7] In February 2007, Secretary of the Energy Department Samuel Bodman announced the creation of a new site.[8] This new site is currently facing some opposition.[9]
Richton is a town located in Perry County, Mississippi. ...
Samuel Wright Bodman III, Sc. ...
Retired - Weeks Island - Iberia Parish, Louisiana (Decommissioned 1999) Capacity of 72 million barrels (11,400,000 m³). This facility was a conventional room and pillar near-surface salt mine, formerly owned by Morton Salt. In 1993, a sinkhole formed on the site, allowing fresh water to intrude into the mine. Because of the mine's construction in salt deposits, fresh water would erode the ceiling, potentially causing the structure to fail. The mine was backfilled with salt-saturated brine. This process, which allowed for recovery of 98% of the petroleum stored in the facility, reduced the risk of further freshwater intrusion, and helped prevent the remaining oil from leaking into the aquifer that is located over the salt dome.
Iberia Parish is a parish located in the state of Louisiana. ...
Room and pillar refers to a hard-rock mining system, often used in coal mining and underground quarrying, in which material is extracted across a horizontal plane while leaving pillars of untouched material to support the roof. ...
A salt mine is an operation involved in the extraction of salt. ...
Morton Salt is a United States company specializing in the production of salt for food, water conditioning, industrial, agricultural, and road/highway use. ...
Devils Hole near Hawthorne, Florida, USA. A sinkhole, also known as a sink, shake hole, swallow hole, swallet, doline or cenote, is a natural depression or hole in the surface topography caused by the removal of soil or bedrock, often both, by water. ...
For the sports equipment manufacturer, see Brine, Corp. ...
An aquifer is an underground layer of water-bearing permeable rock or unconsolidated materials (gravel, sand, silt, or clay) from which groundwater can be usefully extracted using a water well. ...
History
Background Access to the reserve is determined by the conditions written into the 1975 Energy Policy and Conservation Act (EPCA), primarily to counter a severe supply interruption. The maximum removal rate, by physical constraints, is 4.4 million barrels per day (700,000 m³/d). Oil could begin entering the marketplace 13 days after a Presidential order. The Dept. of Energy says that it has about 59 days of import protection in the SPR. This, combined with private sector inventory protection, is estimated to equal 115 days of imports. President Ford set the Strategic Petroleum Reserve (SPR) into motion when he signed the Energy Policy and Conservation Act (EPCA) on December 22, 1975. ...
The SPR was created following the 1973 energy crisis. The EPCA of December 22, 1975, made it policy for the U.S. to establish a reserve up to one billion barrels (159 million m³) of petroleum. A number of existing storage sites were acquired in 1977. Construction of the first surface facilities began in June 1977. On July 21, 1977, the first oil—approximately 412,000 barrels (66,000 m³) of Saudi Arabian light crude—was delivered to the SPR. Fill was suspended in FY 1995 to devote budget resources to refurbishing the SPR equipment and extending the life of the complex. The current SPR sites are expected to be usable until around 2025. Fill was resumed in 1999. (Redirected from 1973 energy crisis) United States, drivers of vehicles with odd numbered license plates were allowed to purchase gasoline only on odd-numbered days of the month, while drivers with even-numbers were limited to even-numbered days. ...
Filling the SPR On November 13, 2001, President George W. Bush announced that the SPR would be filled, saying, "The Strategic Petroleum Reserve is an important element of our Nation's energy security. To maximize long-term protection against oil supply disruptions, I am directing the Secretary of Energy to fill the SPR up to its 700 million barrel [111,000,000 m³] capacity."[1] The highest prior level was reached in 1994 with 592 million barrels (94 million m³). At the time of President Bush's directive, the SPR contained about 545 million barrels (87 million m³). Since the directive in 2001, the capacity of the SPR increased by 27 million barrels (4.3 million m³) due to natural enlargement of the salt caverns in which the reserves are stored. The Energy Policy Act of 2005 has since directed the Secretary of Energy to fill the SPR to the full 1 billion barrel authorized capacity, a process which will require a physical expansion of the Reserve's facilities. George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. ...
Energy security, or security of supply, is a key component of energy policy in many countries. ...
The Energy Policy Act of 2005 (Pub. ...
The United States Secretary of Energy is the head of the United States Department of Energy, concerned as the name suggests, with The Secretary is a member of the Presidents Cabinet. ...
On August 17, 2005, the SPR reached its goal of 700 million barrels (111,000,000 m³), or about 96% of its now-increased 727-million-barrel (115,600,000 m³) capacity. Approximately 60% of the crude oil in the reserve is the less desirable sour (high sulfur content) variety. The oil delivered to the reserve is "royalty-in-kind" oil—royalties owed to the U.S. government by operators who acquire leases on the federally owned Outer Continental Shelf in the Gulf of Mexico. These royalties were previously collected as cash, but in 1998 the government began testing the effectiveness of collecting royalties "in kind" - or in other words, acquiring the crude oil itself. This mechanism was adopted when refilling the SPR began, and once filling is completed, revenues from the sale of future royalties will be paid into the Federal treasury. This article is about the chemical element. ...
On April 25, 2006, President Bush announced a temporary halt to petroleum deposits to the SPR as part of a four point program to alleviate high fuel prices.[citation needed]
On January 23, 2007, President George W. Bush suggested in his State of the Union speech that Congress should approve expansion of the current reserve capacity to twice its current level.[10]
On May 16, 2008, The U.S. Department of Energy said it will halt all deliveries to the Strategic Petroleum Reserve sometime in July. This announcement came days after Congress voted to direct the Bush administration to do the same. The U.S. Department of Energy did not state when the shipments would resume. The United States Department of Energy (DOE) is a Cabinet-level department of the United States government responsible for energy policy and nuclear safety. ...
On May 19, 2008, the White House signaled President Bush's intent to sign the legislation passed by the Congress.[11]
Emergency sales to Israel According to the 1975 Second Sinai withdrawal document signed by the United States and Israel, in an emergency the U.S. is obligated to make oil available for sale to Israel for up to 5 years.[12]
Limitations The Strategic Petroleum Reserve is exclusively a crude oil reserve, not a stockpile of refined petrochemical products, such as gasoline, diesel and kerosene. Although there are small-scale (2 million barrels) heating oil reserves in Connecticut, Rhode Island and New Jersey under the aegis of the Department of Energy (DOE), the Federal government maintains no gasoline reserves on anything like the scale of the SPR. Consequently, while the US enjoys some protection from disruptions in oil supplies, it would have to depend on other stockpiling members of the International Energy Agency for relief from any major disruption to refinery operations. Since no new refineries have been constructed in the US for thirty years, there is little reserve capacity.[citation needed] This was illustrated during Hurricane Katrina, when many of the Gulf coast oil refining complexes were disrupted for some time. Official language(s) none (de facto English) Demonym Connecticuter or Connecticutian[2] Capital Hartford Largest city Bridgeport[3] Largest metro area Hartford Metro Area[4] Area Ranked 48th in the US - Total 5,543[5] sq mi (14,356 km²) - Width 70 miles (113 km) - Length 110 miles (177 km...
This article is about the U.S. state. ...
The Gulf of Mexico is a major body of water bordered and nearly landlocked by North America. ...
There have been suggestions that the DOE should stockpile both gasoline and jet fuel, to rectify this weakness.[13] However, since gasoline has a short shelf-life, a gasoline reserve would require regular refreshment of stocks, which would make it vulnerable to inappropriate drawdowns. However, a jet fuel reserve may be a possibility since other countries have strategic reserves of jet fuel. The Secretary of Energy, Samuel Bodman, has said the Department will consider refined products as part of the expansion between 1 billion and 1.5 billion barrels (240,000,000 m³). Strategic petroleum reserves (SPR) refer to crude oil reserves held by the government of a particular country for the purpose of providing economic and national security during an energy crisis. ...
SPR drawdowns
Petroleum sales - 1985 - Test sale - 1.1 million barrels (175,000 m³)
- 1990/91 - Desert Storm sale - 21 million barrels (3.3 million m³)
- 4 million in August 1990 test sale
- 17 million in January 1991 Presidentially-ordered drawdown
- 1996-97 total non-emergency sales for deficit reduction - 28 million barrels (4.5 million m³)
- 2005 - Hurricane Katrina sale - 11 million barrels (1.7 million m³) Katrina shut down 95% of crude production and 88% of natural gas output in the Gulf of Mexico. This amounted to a quarter of total U.S. output. About 735 oil and natural gas rigs and platforms had been evacuated due to the hurricane.
See also: 2003 invasion of Iraq and Gulf War (disambiguation) C Company, 1st Battalion, The Staffordshire Regiment, 1st UK Armoured Division The Persian Gulf War was a conflict between Iraq and a coalition force of 34 nations led by the United States. ...
This article is about the Atlantic hurricane of 2005. ...
Petroleum exchanges and loans Note: Loans are made on a case-by-case basis to alleviate supply disruptions. Once conditions return to normal, the loan is returned to the SPR with additional oil as interest. - April-May 1996 - 900,000 barrels (143,000 m³) lent to ARCO to alleviate pipeline blockage.
- August 1998 - 11 million barrels (1,700,000 m³) lent to PEMEX in return for 8.5 million barrels (1,350,000 m³) of higher quality crude.
- June 2000 - 1 million barrels (160,000 m³) lent to Citgo and Conoco in response to shipping channel blockage.
- July-August 2000 - 2.8 million barrels (450,000 m³) to supply the Northeast Home Heating Oil Reserve.
- September-October 2000 - 30 million barrels (4,800,000 m³) in response to a concern over low distillate levels in the North-eastern U.S.
- October 2002 - 296,000 barrels (47,100 m³) lent to Shell Pipeline Company in advance of Hurricane Lili.
- September-October 2004 - 5.4 million barrels (860,000 m³) lent to Astra Oil, ConocoPhillips, Placid Refining Company, Shell Oil Company, and Premcor after Hurricane Ivan.
- September-October 2005 - 9.8 million barrels (1,560,000 m³) lent to ExxonMobil, Placid Refining, Valero, BP, Marathon Oil, and Total S.A. after Hurricane Katrina.
- January-February 2006 -767 thousand barrels lent to Total Petrochemicals USA due to closure of the Sabine Neches ship channel to deep-draft vessels after a barge accident in the channel.[14]
- June 2006 - 750,000 barrels (119,000 m³) of sour crude lent to ConocoPhillips and Citgo due to the closure for several days of the Calcasieu Ship Channel caused by the release of a mixture of storm water and oil. Repaid in early October 2006.
An ARCO gas station in Los Angeles ARCO (an acronym for Atlantic Richfield Company) is an American oil company that was formed by the merger of East Coast-based Atlantic Refining and California-based Richfield Petroleum in 1966. ...
A Pemex gas station in Puerto Vallarta Petróleos Mexicanos (PEMEX) is Mexicos state-owned, nationalized petroleum company. ...
Citgo Petroleum Corporation or Citgo, a subsidiary of Petróleos de Venezuela S.A., the Venezuelan state-owned petroleum company, is a United States-incorporated firm refiner and marketer of gasoline, lubricants, petrochemicals and other petroleum products. ...
Categories: Companies traded on NYSE | Corporation stubs | Oil companies of the United States | Fortune 500 companies | Companies based in Texas ...
Distillation is a means of separating liquids through differences in their boiling points. ...
Lowest pressure 940 mbar (hPa) Damages $860+ million (2002 USD) $900+ million (2005 USD) Fatalities 14 direct, 2 indirect [1] Areas affected Windward Islands, Cuba, Jamaica, Haiti, Louisiana Part of the 2002 Atlantic hurricane season Hurricane Lili was a powerful hurricane during the 2002 Atlantic hurricane season that caused damage...
ConocoPhillips (NYSE: COP) is an international energy company with its headquarters located in Houston, Texas. ...
The Shell emblem known as the Pecten Shell Oil Company (SOC) is the Houston, Texas based wholly-owned subsidiary of Royal Dutch Shell. ...
Premcor (NYSE: PCO) was a Fortune 500 oil refinery group based in Greenwich, Connecticut. ...
This article is about the Atlantic hurricane of 2004. ...
For other uses, see Exon (disambiguation). ...
Valero Energy Corporation (NYSE: VLO) is a Fortune 500 company based in San Antonio, Texas, with 21,836 employees and annual revenue of more than US$90 billion. ...
This article is about the energy corporation. ...
Marathon Oil Corporation (NYSE: MRO), based in Houston, Texas, is a worldwide oil and natural gas exploration and production company. ...
Total S.A. (Euronext: FP, NYSE: TOT) is a French oil company headquartered in Paris, France. ...
This article is about the Atlantic hurricane of 2005. ...
Sour crude oil contains the impurities hydrogen sulfide (H2S) and carbon dioxide,or mercaptans. ...
ConocoPhillips (NYSE: COP) is an international energy company with its headquarters located in Houston, Texas. ...
Citgo Petroleum Corporation or Citgo, a subsidiary of Petróleos de Venezuela S.A., the Venezuelan state-owned petroleum company, is a United States-incorporated firm refiner and marketer of gasoline, lubricants, petrochemicals and other petroleum products. ...
See also
 | Energy Portal | Image File history File links Portal. ...
Strategic petroleum reserves (SPR) refer to crude oil reserves held by the government of a particular country for the purpose of providing economic and national security during an energy crisis. ...
// Gold ingots, like these from the Bank of Sweden, form the base of many monetary systems Gold reserves (or gold holdings) are held by central banks as a store of value. ...
References - ^ Senate approves end to oil reserve shipments
- ^ Oil stockpile a drop in the bucket
- ^ US will stop sending oil into strategic reserves
- ^ Bush Will Sign Bill Halting Strategic Oil Stockpile
- ^ CIA - The World Factbook - United States
- ^ http://www.chron.com/disp/story.mpl/front/5802887.html
- ^ a b c d e Strategic Petroleum Reserve Plan Expansion To One Billion Barrels Submitted To Congress (Page 5), United States Department of Energy
- ^ DOE - Fossil Energy Techline: DOE Takes Next Steps to Expand Strategic Petroleum Reserve to One Billion Barrels
- ^ Oil reserve site raises ire, Bush policy tested, Reuters, Retrieved on May 16, 2008
- ^ Bush, George W.. "President Bush's 2007 State of the Union Address", The Washington Post, January 23, 2007. Retrieved on 2007-01-24.
- ^ Bush Will Sign Bill Halting Strategic Oil Stockpile
- ^ The Iranian Oil Crisis
- ^ Tejerina, Pilar. "Senators propose gasoline reserve", CNNMoney.com, September 30, 2005. Retrieved on 2007-01-24.
- ^ DOE - Fossil Energy: Quick Facts about the Strategic Petroleum Reserve
The United States Department of Energy (DOE) is a Cabinet-level department of the United States government responsible for energy policy and nuclear safety. ...
Reuters Group plc (LSE: RTR and NASDAQ: RTRSY); pronounced is known as a financial market data provider and a news service that provides reports from around the world to newspapers and broadcasters. ...
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2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini/Common Era, in accordance with the Gregorian calendar. ...
George Walker Bush (born July 6, 1946) is the forty-third and current President of the United States of America, originally inaugurated on January 20, 2001. ...
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