U.S. Energy Panel Plans More Oversight Of Gasoline Reserve

Posted by Joseph R. Fonseca
Wednesday, May 28, 2014

U.S. House Republicans will continue delving into the Obama administration's creation of an emergency gasoline reserve in the Northeast, after a briefing by the Department of Energy failed to quell concerns about the stockpile, a committee aide said on Tuesday.

Senior members of the House Energy Committee asked for the briefing after the DOE earlier this year held the first test sale of crude from the Strategic Petroleum Reserve (SPR) since 1990, and later announced plans to create a million-barrel gasoline reserve in the Northeast.

The briefing was held on Friday, but the energy panel "continues to have questions about the current and future status of the SPR," a committee aide said.

The aide requested anonymity in discussing a briefing that was not open to the public.

The committee plans to continue oversight of the new gasoline reserve, but no hearings have been scheduled.

Republicans generally oppose use of the petroleum stockpile except in cases of severe supply disruption, because of its potential to distort prices.

In a letter to the Energy Department, the lawmakers questioned the agency's authority to create the gasoline reserve and noted that it was not included in the department's 2014 and 2015 budget requests.

The $200 million gasoline reserve would be supported with funds from the SPR.

The administration, in turn, has said the test sale was needed to assess the petroleum reserve's capabilities in light of changing energy market dynamics. Since the SPR was created the United States has become a major producer of crude oil.

The gasoline reserve, which the administration hopes will be operational by late summer, was proposed earlier this month. The idea for a regional stockpile gained traction after disruptions to supplies caused by Superstorm Sandy in 2012 left some Northeast motorists without fuel for weeks.

Established in the 1970s after the Arab oil embargo, the SPR currently holds about 691 million barrels of crude oil in underground salt caverns along the U.S. Gulf Coast.

(Reporting by Ayesha Rascoe, editing by Ros Krasny and Tom Brown)

Maritime Reporter October 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Legal

Belgian Strike to Impact Antwerp Port

A strike in parts of Belgium on Monday is expected to disrupt rail services and one of Europe's largest ports as trade unions and workers voice their anger over

Statoil Halts Angola Exploration, Cancels Rig Contract

Norway's Statoil has halted its exploration campaign in Angola after several disappointing wells and canceled a rig contract with Stena Drilling, the firm said on Friday.

Transas Launches Web Map Service

Transas Marine has launched Transas Web Map Service (WMS)to provide transparent and easy access to navigation charts through common interface. Access to comprehensive

Energy

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

Update: Explosion in the Gulf of Mexico

An explosion occurred aboard a production platform Thursday at West Delta 105, operated by Fieldwood Energy, resulting in one fatality and three injured. The Bureau

New Tidal Wave Energy Device Completes Sea Trials

In the continuing quest to harvest efficient, renewable energy from the power of the world’s tides, an organization called Sustainable Marine Energy’s announced

News

Sea Star Line: Equipment Replacement Plan on Track

Company Receives New Refrigerated Containers and Places Order for New Genset Equipment   Sea Star Line, LLC began receiving the first of its new 100 40’ and 45’

Venezuela Ships First Crude Mixed with Algerian Oil to China

Venezuela is sending its first shipment of crude mixed with Algerian light oil to China, according to state oil company PDVSA and traders.   Venezuela recently

October Imports up 9% at Port of Oakland

Containerized imports shipped through the Port of Oakland were up 9.17% in October from a year ago, the port said, citing the surge as the biggest jump in import cargo volume in six months.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Navigation Pipelines Pod Propulsion Salvage Ship Repair Ship Simulators Sonar
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1479 sec (7 req/sec)