1、 https:/crsreports.congress.gov March 21, 2017Stocks of Oil: Security and Price EffectsIn January 2017, almost 1.2 billion barrels of crude oil, or about 60 days of consumption, were held as stocks, or inventories, in the United States. This In Focus examines the ownership and potential uses of thes
2、e oil stocks while also examining their relationship to important issues of oil security and oil price determination. Oil stocks in the United States are owned by both the public and the private sectors. The Strategic Petroleum Reserve (SPR) established by the Energy Policy and Conservation Act of 1
3、975 (P.L. 94-163) currently holds about 692 million barrels of crude oil, with an authorized capacity of 1 billion barrels. The key purpose of the SPR is to provide the United States with a measure of oil security in case of supply disruptions, both domestic and international, although it also has l
4、inkages to oil price determination. Private sector crude oil stocks totaled over 500 million barrels in January 2017. These stocks are held by numerous oil industry firms at refineries, bulk terminals, and in pipelines. The purpose of these stocks is to insure the continuous operation of the refinin
