The Strategic Petroleum Reserve.
Abstract
The United States Strategic Petroleum Reserve (SPR) was established by the passing of the Energy Policy and Conservation Act on December 22, 1975. It acts as the U.S.'s first line of defense against oil supply disruptions, both foreign and domestic. As of September 1993, the SPR contained 585.7 million barrels of crude oil. Since the program's inception, the nation has enthusiastically endorsed the SPR program; however, many questions remain concerning its funding and future. These questions are discussed and analyzed in the pages that follow. It is important to understand the U.S.'s dependence on imported crude oil and therefore its vulnerability to a disruption in the supply of that oil. In 1992, the U.S. relied on foreign sources for 45 percent of its oil requirements. The U.S. economy is dependent upon oil for its growth, but is it susceptible to a supply disruption? The U.S. is somewhat vulnerable to oil supply disruptions and will become more dependent on foreign oil if current consumption continue. If oil supplies were spread evenly throughout the world, the U.S. would not be as subject to disruptions as it is now; however, oil supplies are concentrated in only a few areas, particularly the Middle East.
Document Details
- Document Type
- Technical Report
- Publication Date
- May 01, 1994
- Accession Number
- ADA279653
Entities
People
- William R. Stanley Jr
Organizations
- University of Texas at Austin