Strategic Petroleum Reserve

The United States can turn to the emergency stockpiles of petroleum products managed by the Department of Energy 's Office of Petroleum Reserves (OPR). The mission of the OPR is to protect the United States from severe petroleum supply disruptions through the purchase, storage, distribution and management of emergency petroleum stocks and to carry out U.S. obligations under the International Energy Program. The OPR manages three stockpiles: the Strategic Petroleum Reserve, the Northeast Home Heating Oil Reserve, and the Gasoline Supply Reserve. The Strategic Petroleum Reserve is designed to hold 713.5 million barrels of oil which is the largest government-owned stockpile of emergency crude oil in the world. The SPR provides the President with a powerful response option should a disruption in commercial oil supplies threaten the U.S. economy. In 1956 President Eisenhower suggested the creation of the strategic petroleum reserve, however…

the Nigerian Oil and Gas Sector together with the responsibilities of the NCDMB and the IOCs as the two major accountors in the implementation of local content in petroleum contracts. This discussion is important because as the NCDMB is charged with the enforcement accountability, the IOCs as the investors, license-holders and awarders of oil contracts are charged with the compliance accountability. The IOCs’ main functions in the industry are conducted through joint ventures, production-sharing…

OPEC and the U.S. Economy OPEC (Organization of the Petroleum Exporting Countries) was founded in Baghdad in 1960. It originally had five members; Iraq, Iran, Saudi Arabia, Kuwait, and Venezuela. In 1965 the headquarters for OPEC moved to Vienna where it remains today. OPEC is currently made up of thirteen countries and they are responsible for over 40% of the world’s oil production as well as over 70% of the world’s proven oil reserves. OPEC’s mission statement, according to its official…

The United States considers Saudi Arabia vital for their production of oil, as Robert Baer author of Sleeping with the Devil: How Washington Sold Our Soul for Saudi Crude, states that for the United States, “losing Saudi Arabia would be like losing the Federal Reserve.” Even if Saudi Arabia turns anti-American Saudi rulers would never stop exporting oil to the United States because that means they would lose their biggest customers and a large amount of money. The United States may try and…

contrary, will be the single-largest foreign direct investment (FDI) worth $7.2billiion in the petroleum sector. The $12billion FDI announcement made by Korean steel major POSCO in 2005 has failed to take off. In the case of Cairn-Vedanta deal, Cairn Energy is transferring the control of its Indian Unit. The buyout will see the London-Listed mining group, which is led by NRI tycoon Anil Agarwal, take charge of operations with no any experience in the soil sector. While in the RIL-BP deal,…

gas production in Northeast BC. CEBC estimates this action could reduce GHGs by 13-15 MT/year. However, it needs timely action from the BC government in the Regional Electricity Cooperation and Strategic Infrastructure Initiative (RECSI) process to make it a reality. Background: • More than 70% of the natural gas production in BC is produced in Northeast BC. This region (known as the Montney) contains about…

branch has exercised increasingly authoritarian control over other branches of government.” At the same time, democratic institutions have deteriorated, threats to freedom of expression have increased, and political polarization has grown. Venezuela has a nonpermanent seat on the United Nations Security Council. This Strengths, Weaknesses, Opportunities and Threat Analysis of Venezuela provides a strategic overall look at the country and its operating environment. It also helps analyze and…

Declined in shark population breaks stability of The marine ecosystem The shark, the predator that stands on top of the food chain. However, its number has declined since the 1970s due to human destruction, and it will affect the stability of the food chain (Dudley, and Cliff 243-255). For instance, in Aldo Leopold’s paper, A Sand County Almanac, he claims each specie’s importance in the food chain is the link to the other specie “The lines of dependency for food and other services are called…

chemicals are induced later in the process in order to prevent bacterial growth and reduce friction. The gas trapped in the rock formations is released within the tiny fractures and safely brought up to the surface to be stored. However, only about 30-50 percent of the fracturing fluid is recovered from the process. The rest of the toxic fluid is left in the ground, since it cannot be retrieved. Why Fracking? Fracking, also known as hydraulic fracking, is the biggest single reason why…

An oil spill is when liquid petroleum hydrocarbon is released into the environment. Oil spills have detrimental effects on the environment and the economy. Oil spills can potentially cost billions of dollars. There are multiple ways in which oil spills can be cleaned in a safe and cost efficient way. One way is bioremediation, which is the use of microorganisms to break down pollutants. Another effective way is chemical remediation, which is the use of chemicals to extract pollutants from an…