[20190506]IF11202_石油价格波动与国防部.pdf

https:/crsreports.congress.gov May 6, 2019Oil Price Volatility and the Department of DefenseOil Price Volatility The price of crude oil historically rises or falls with the world economy. However, supply generally does not smoothly follow demand and numerous factors can impact crude oil prices (e.g., supply, demand, available supply, value of the dollar, geopolitical risks). Thus, oil prices can be volatile. Volatility in crude oil prices can disrupt or enable oil industry investments and productionfactors that can have a ripple effect on the global economy. The market also responds to geopolitical events. For example, sanctions on crude oil may constrain supply, which can affect prices and access. In general, the price of crude oil affects the price of petroleum products (e.g., gasoline, jet fuel) for U.S. consumers, including the Department of Defense (DOD). This In Focus discusses the impacts the price of crude oil has on fuel procurement for DOD. It also illustrates some recent geopolitical events that may have an impact on price and how DOD budgets to accommodate oil price volatility. Oil Price Effects on Defense Spending DOD uses more energy than any other federal agency. In