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Diane Publishing Books
Changing Crude Oil Markets: Allowing Exports Could Reduce Consumer Fuel Prices, and the Size of the Strategic Reserves Should Be Reexamined
Frank Rusco (au)
Almost four decades ago, in response to the Arab oil embargo and recession it triggered, Congress passed legislation restricting crude oil exports and establishing the Strategic Petroleum Reserve (SPR) to release oil to the market during supply disruptions and protect the U.S. economy from damage. After decades of generally falling U.S. crude oil production, technological advances have contributed to increasing U.S. production. Meanwhile, net crude oil imports äóî imports minus exports äóî have declined from a peak of about 60% of consumption in 2005 to 30% in the first 5 months of 2014. Net imports are expected to remain well below 2005 levels into the future. This report examines what is known about (1) price implications of removing crude oil export restrictions; (2) other key potential implications; and (3) implications of recent changes in market conditions on the SPR. Tables and figures. This is a print on demand report.
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