ABSTRACT

Stocks of Oil: Security and Price Effects [March 21, 2017]   [open pdf - 416KB]

From the Document: "In January 2017, almost 1.2 billion barrels of crude oil, or about 60 days of consumption, were held as stocks, or inventories, in the United States. This In Focus examines the ownership and potential uses of these oil stocks while also examining their relationship to important issues of oil security and oil price determination. Oil stocks in the United States are owned by both the public and the private sectors. The Strategic Petroleum Reserve (SPR) established by the Energy Policy and Conservation Act of 1975 (P.L. 94-163) currently holds about 692 million barrels of crude oil, with an authorized capacity of 1 billion barrels. The key purpose of the SPR is to provide the United States with a measure of oil security in case of supply disruptions, both domestic and international, although it also has linkages to oil price determination."

Report Number:
CRS In Focus, IF10630
Author:
Publisher:
Date:
2017-03-21
Copyright:
Public Domain
Retrieved From:
Congressional Research Service: https://crsreports.congress.gov/
Format:
pdf
Media Type:
application/pdf
URL:
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