Private Oil Reserves Make Strategic Petroleum Reserve Unnecessary
Created on August 20, 2015
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Read the original report, "Why Congress Should Pull the Plug on the Strategic Petroleum Reserve," by Nicolas Loris.
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Congress created an emergency oil store in 1975 called the Strategic Petroleum Reserve (SPR). Despite the stockpile, the largest quantities of crude oil and petroleum are still held privately. At best, the SPR is only useful for short-term drops in supply, which are adequately buffered by private inventories.
Source: U.S. Department of Energy, Energy Information Administration, “Petroleum and Other Liquids: Total Stocks,” http://www.eia.gov/dnav/pet/pet_stoc_wstk_dcu_nus_w.htm (accessed August 3, 2015).
CHART 1 • BG 3046
Tags: Strategic-Petroleum-Reserve, oil, national-security