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Strategic Petroleum Reserve (CRS Report for Congress)

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Release Date Revised Feb. 22, 2006
Report Number IB87050
Authors Robert L. Bamberger, Environment and Natural Resources Policy Division
Source Agency Congressional Research Service
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Summary:

On September 8, 2005, the President signed the Energy Policy Act of 2005 (H.R. 6).The bill as enacted would permanently authorize the Strategic Petroleum Reserve (SPR) andrequires, "as expeditiously as practicable," expansion of the SPR to its authorized maximumof 1 billion barrels. The bill signed by the President requires the Secretary of Energy toreview potential sites previously studied where additional SPR oil could be stored. However,the Secretary is also required to develop procedures for achieving the fill objective without"incurring excessive cost," or using fill options that would place upward pressure on prices.Any fill policy is also to take into consideration minimizing income foregone to the Treasuryby filling the SPR with additional RIK oil. Given these parameters and the difficulty ofpredicting the state of oil markets in the future, it is unclear whether, once sites are identified,fill will be resumed additional identify develop procedures for considering future requestsfor a deferral of scheduled deliveries to the SPR.These procedures are also directed to include a mechanism for reviewing any requestsfor deferral of scheduled deliveries to the SPR. This provision is likely the result of theAdministration's policy of filling the Reserve with royalty-in-kind (RIK) oil during 2001-2005. Opponents of the policy argued that RIK fill was putting additional pressure on prices.Others argued that the volumes were not significant enough to discernibly affect crude prices.Deliveries of currently contracted RIK oil will end during the month of August 2005.Congress agreed to a funding level of $174.6 million for the program in theConsolidated Appropriations Act for FY2005 (P.L. 108-447). This figure included $4.9million for the NHOR. The Administration request for FY2006 for the SPR itself is $166.0million, a reduction of roughly $4 million from the FY2005 appropriation. No new moneyis requested for the NHOR in FY2006 owing to the use of prior year balances of $5.3million. Both the House- and Senate-passed versions of the FY2006 Energy and WaterDevelopment Appropriations bill support the levels proposed by the Administration.
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