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- Dec 7, 2012
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Houston Chronicle, Fri 9/8
>> The U.S. this year began the process of slowly selling a large chunk of its Strategic Petroleum Reserve through 2025.
But after refinery outages and temporary fuel shortages caused by Hurricane Harvey in Texas and the potential for further disruptions as Irma approaches Florida, energy experts on Friday said the nation's emergency reserves are proving to be valuable.
It's foolish to "mindlessly sell it off" as President Donald Trump has proposed in his budget, said Bob McNally, energy adviser for former President George W. Bush and a fellow at Columbia University's Center on Global Energy Policy. Trump proposed selling nearly half of the remaining reserves over a decade to reduce the federal debt.
These storms show the value of an ample Strategic Petroleum Reserve, McNally said.
.... After Harvey shut down nearly 25 percent of the nation's fuel-making capacity along the Texas Gulf Coast, Energy Secretary Rick Perry authorized the release of 5.3 million barrels of crude oil to refineries owned by Phillips 66, Valero Energy and Marathon Petroleum. That oil is supposed to be replenished by the companies as part of their contracts.
Those release provided the refineries with enough crude to produce gasoline.
... The U.S. has about 675 million barrels of oil in the reserve. But, dating back to 2015, Congress has authorized the sale of about 190 million barrels of oil to fill budget holes. By 2025, the reserve could be 25 percent smaller, and Trump wants to deplete it further. <<
Yet another cost of running to the ballot box armed with nothing but emotion and electing a klown who has no clue what he's doing.But after refinery outages and temporary fuel shortages caused by Hurricane Harvey in Texas and the potential for further disruptions as Irma approaches Florida, energy experts on Friday said the nation's emergency reserves are proving to be valuable.
It's foolish to "mindlessly sell it off" as President Donald Trump has proposed in his budget, said Bob McNally, energy adviser for former President George W. Bush and a fellow at Columbia University's Center on Global Energy Policy. Trump proposed selling nearly half of the remaining reserves over a decade to reduce the federal debt.
These storms show the value of an ample Strategic Petroleum Reserve, McNally said.
.... After Harvey shut down nearly 25 percent of the nation's fuel-making capacity along the Texas Gulf Coast, Energy Secretary Rick Perry authorized the release of 5.3 million barrels of crude oil to refineries owned by Phillips 66, Valero Energy and Marathon Petroleum. That oil is supposed to be replenished by the companies as part of their contracts.
Those release provided the refineries with enough crude to produce gasoline.
... The U.S. has about 675 million barrels of oil in the reserve. But, dating back to 2015, Congress has authorized the sale of about 190 million barrels of oil to fill budget holes. By 2025, the reserve could be 25 percent smaller, and Trump wants to deplete it further. <<
