Wednesday, May 4, 2011

Strategic Petroleum Reserve- Fact Sheet

Strategic Petroleum Reserve -Quick Facts and Frequently Asked Questions

The Strategic Petroleum Reserve is a U.S. Government complex of four sites with deep underground storage caverns created in salt domes along the Texas and Louisiana Gulf Coasts. The caverns have a capacity of 727 million barrels and store emergency supplies of crude oil owned by the U.S. Government.

The US SPR is the largest emergency supply in the world with the current capacity to hold up to 727 million barrels (115,600,000 m3).

The current inventory is displayed on the SPR's website. As of May 5, 2011, the current inventory was 727 million barrels (115,600,000 m3). This equates to 34 days of oil at current daily US consumption levels of 21 million barrels a day. At recent market prices ($120 a barrel as of May 2011) the SPR holds over $34 billion in sweet crude and approximately $45 billion in sour crude (assuming a $15/barrel discount for sulfur content). The total value of the crude in the SPR is approximately $79 billion USD. The price paid for the oil is $21.635 billion (an average of $29.76 per barrel)

Current inventory - Click to open inventory update window
Highest inventory - The SPR completed its fill program on December 27, 2009. Today's inventory of 726.5 million barrels is the highest ever held in the SPR. Actual physical capacity is 727 million barrels.
Previous inventory milestones -

2008. Prior to Hurricane Gustav coming ashore on September 1, 2008, the SPR had reached 707.21 million barrels, the highest level ever held up until that date. A series of emergency exchanges conducted after Hurricane Gustav, followed shortly thereafter by Hurricane Ike, reduced the level by 5.4 million barrels.

2005. Prior to the 2008 hurricane releases, the former record had been reached in late August 2005, just days before Hurricane Katrina hit the Gulf Coast. Hurricane Katrina emergency releases of both crude oil sales and exchanges (loans) totaled 20.8 million barrels.
Crude oil inventory distribution -

Bryan Mound - holds 254 MMB in 20 caverns - 78 MMB sweet and 176 MMB sour.

Big Hill - holds 170.1 MMB in 14 caverns - 73 MMB sweet and 98 MMB sour.

West Hackberry - holds 228.2 MMB in 22 caverns - 120 MMB sweet and 108 MMB sour.

Bayou Choctaw - holds 73.2 MMB in 6 caverns - 22 MMB sweet and 52 MMB sour. 

Current storage capacity - 727 million barrels
Fill status - The SPR completed fill on December 27, 2009 with a cargo that arrived and began to unload on Christmas Day. The cargo was 493,000 barrels of Saharan Blend, a light sweet crude that ws delivered to the Bryan Mound site.
Current days of import protection in SPR - 75 days (based on EIA data of 9.70 million barrels/day for 2009 net petroleum imports 2009). Note: the maximum days of import protection ever held in the SPR was 118 days in 1985.
International Energy Agency requirement - 90 days of import protection (both public and private stocks). The United States fulfills its commitment with a combination of SPR stocks and industry stocks.
Average price paid for oil in the Reserve - $29.76 per barrel 

Drawdown Capability

Maximum drawdown capability - 4.4 million barrels per day
Time for oil to enter U.S. market - 13 days from Presidential decision

Summary List of Historical Releases - click here
Past Sales [click on link for more details]
2005 Hurricane Katrina Sale - 11 million barrels
1996-97 total non-emergency sales - 28 million barrels
1990/91 Desert Shield/Storm Sale - 21 million barrels
(4 million in August 1990 test sale; 17 million in January 1991 Presidentially-ordered drawdown)
1985 - Test Sale - 1.0 million barrels

Reference :

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