Congress should not use the nation’s emergency oil stockpile as an ATM, with sales of the crude funding unrelated legislative priorities, Sen. Lisa Murkowski said as she toured one of the Louisiana sites that makes up the United States’ Strategic Petroleum Reserve.
The goal is to arrive at data that can better track how Texas’ production is responding to the volatile price swings on the crude oil markets, said Gary Long, a petroleum engineer at the EIA who works on production data.
Moniz said rising U.S. crude production gives the nation more flexibility in how it uses the reserve, created four decades ago in response to supply shortfalls caused by the Arab oil embargo. The four underground salt caverns can hold more than 700 million barrels of oil.
U.S. commercial stores of crude oil fell by another 2.8 million barrels to a total of 479.4 million barrels for the week ending May 22, according to data collected by the U.S. Energy Information Administration.
Severe weather is the leading cause of power disruptions, costing the U.S. economy from $18 billion to $33 billion a year, and climate change will only make it worse, a White House review on energy infrastructure concludes.
The goal is to build a supercomputer that will help the U.S. compete internationally with other next-generation computing efforts and ensure the United States’ economic and national security, agency officials said.
The Senate bill was co-sponsored by Democrat Jeanne Shaheen of New Hampshire and Republican Rob Portman of Ohio. A similar bill was defeated last year after it became enmeshed in a partisan fight over the Keystone XL oil pipeline.
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