PIRINC: Additions to SPR not driving up oil prices

A bipartisan political decision to fill the US Strategic Petroleum Reserve (SPR) through the US Minerals Management Service's royalty-in-kind (RIK) program to take oil, rather than cash, in payment for royalties on offshore leases is not the cause of the run-up of world oil prices this year, said officials of the New York-based Petroleum Industry Research Foundation Inc. (PIRINC).Deliveries of oil to SPR have averaged about 130,000 b/d since May, or less than 0.2% of world oil demand, said PIRINC officials in a recent report. "All in all, the impact of the SPR fill by itself on oil prices is measured in nickels and dimes per barrel, not dollars, and no more than about 1¢/gal to c...

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