US may swap SPR crude oil for future refills

The Clinton administration is considering a plan to release millions of barrels of oil from the US Strategic Petroleum Reserve, says Energy Sec. Bill Richardson.DOE would swap crude from the 568 million bbl reserve with US oil companies, who would replace it within a year. They would bid to get the oil, with the premium being additional barrels of oil to be stored in the SPR.The swap would help deflate world oil prices but would be consistent with the administration's policy of not selling SPR oil outright to reduce petroleum prices.White House approval of the DOE plan was expected shortly at OGJ presstime. Under current law, Richardson has authority to swap SPR crude.Richardson denie...

Why Register?

Non-subscribers can only view whitepapers by providing name, home and email address, phone number and other information and comment on/rate articles.

Why Subscribe?

Oil & Gas Journal subscribers with login credentials can access these premium features of OGJ Online:

  • Current Issue – an html version of the current week's issue of Oil & Gas Journal.
  • Past Issues – An Electronic OGJ Archive. A keyword-searchable archive of all issues of Oil & Gas Journal dating back to 1990; also searchable by issue date.
  • Market Journal – a weekly round-up of the oil and gas markets, with observations from leading analysts.
  • Editor's Perspective – a short article of insight and opinion by the Editor of Oil & Gas Journal.
  • OGJ Industry Stats – quick access to current industry statistics from Oil & Gas Journal.
  • OGJ Survey Downloads - quick access to exclusive reports from Oil & Gas Journal.


Subscriber Help or Subscribe

Oil & Gas Journal Subscribers: Have your subscription number (from the mailing label on the cover of your Oil & Gas Journal) and e-mail address ready to set up your online account through Customer Service Assistant.

If you're not an Oil & Gas Journal subscriber, start a subscription and gain access to the subscriber areas of OGJ Online now.

Stay Connected