SPR volumes reflect oil stocks trend

Click here to enlarge imageBefore President George W. Bush announced last month that the US would fill the Strategic Petroleum Reserve with federal royalty oil from Gulf of Mexico fields over the next 2 years (OGJ Online, Nov. 13, 2001), researchers at Petroleum Industry Research Foundation Inc. had released a report urging the government to fill the SPR now while oil prices are low and "the risks of disruption are growing (OGJ Online Oct. 30, 2001)." PIRINC said that, since 1990, the SPR has accounted for 35% of total US oil inventories. Both the SPR and private oil industry holdings are lower today than in the first half of the 1990s. "Changes appear modest in absolute volumes but are...

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