Strategic petroleum reserve, quarterly report
As of December 31, 1981, the cumulative fill capability for the storage of crude oil for the SPR was 257 million barrels. Development of Phase I of the program consisting of 250 million barrels of capacity is complete and development of Phase II, consisting of 290 million barrels of capacity, is continuing. During 1981, the design of Phase III commenced. Phase III will increase the SPR capacity by 210 million barrels. The cumulative fill capability is expected to be 750 million barrels by 1990. The SPR was filled at a rate of 338,391 barrels per day during the last quarter of 1981, and had a total of 230.3 million barrels of oil in storage at the end of 1981. The Department of Energy has aggressively pursued oil purchases during 1981 in order to take advantage of the favorable international oil market. A long-term commercial contract was signed on August 20, 1981, with Petroleos Mexicanos (PEMEX), Mexico's state-owned oil company, for purchase of 110 million barrels of crude oil through 1986. The contract provided for the SPR to purchase 24 million barrels between September 1, 1981, and December 31, 1981. Thereafter PEMEX will supply crude oil to the SPR at the rate of 50,000 barrels a day through August 31, 1986. In addition, under the terms of a settlement of an overcharge allegation, Chevron USA agreed to supply 1,029,000 barrels of oil to the Reserve without cost. Deliveries under this settlement were completed in January 1982. The Omnibus Budget Reconciliation Act also requires the Secretary of the Treasury to establish an account to be known as the SPR Petroleum Account which may be obligated for the acquisition, transportation, and injection of petroleum products into the SPR. For FY 1982, Congress appropriated $3.7 billion to this account. The amount of funds obligated from the SPR Petroleum Account during the first quarter FY 1982 ending December 31, 1981, was $2056 million.
- Research Organization:
- Department of Energy, Washington, DC (USA). Office of Strategic Petroleum Reserve
- OSTI ID:
- 5422915
- Report Number(s):
- DOE/EP-0046; ON: DE82009173
- Country of Publication:
- United States
- Language:
- English
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29 ENERGY PLANNING, POLICY, AND ECONOMY
294002 -- Energy Planning & Policy-- Petroleum
BUDGETS
COST
ENERGY SOURCES
FOSSIL FUELS
FUELS
INVENTORIES
PETROLEUM
RESERVES
RESOURCES
STORAGE
STRATEGIC PETROLEUM RESERVE
UNDERGROUND STORAGE