States are the primary subdivisions of the United States, and possess a number of powers and rights under the United States Constitution, such as regulating intrastate commerce, running elections, creating local governments, and ratifying constitutional amendments. Each state has its own constitution, grounded in republican principles, and government, consisting of three branches: executive, legislative, and judicial. All states and their residents are represented in the federal Congress, a bicameral legislature consisting of the Senate and the House of Representatives. Each state is represented by two Senators, while Representatives are distributed among the states in proportion to the most recent constitutionally mandated decennial census. Additionally, each state is entitled to select a number of electors to vote in the Electoral College, the body that elects the President of the United States, equal to the total of Representatives and Senators in Congress from that state.Article IV, Section 3, Clause 1 of the Constitution grants to Congress the authority to admit new states into the Union. Since the establishment of the United States in 1776, the number of states has expanded from the original 13 to 50. Each new state has been admitted on an equal footing with the existing states.
The Strategic Petroleum Reserve (SPR) is an emergencyfuel storage of oil maintained by the United StatesDepartment of Energy. It is the largest emergency supply in the world with the capacity to hold up to 713.5 million barrels (113,440,000m3).
The current inventory is displayed on the SPR's website.As of 7 August 2015, the inventory was 695.1 million barrels (110,510,000m3). This equates to about 38 days of oil at 2013 daily US consumption levels of 18.49 million barrels per day (2,940,000m3/d) or 71 days at 2013 daily US import levels of 9.859 million barrels per day (1,567,500m3/d). At recent market prices ($69 a barrel as of December 2014) the SPR holds over $18.0 billion in sweet crude and approximately $25.5 billion in sour crude (assuming a $15/barrel discount for sulfur content). The total value of the crude in the SPR is approximately $43.5 billion. The price paid for the oil is $20.1 billion (an average of $28.42 per barrel).
Purchases of crude oil resumed in January 2009 using revenues available from the 2005 Hurricane Katrina emergency sale. The DOE purchased 10,700,000 barrels (1,700,000m3) at a cost of $553 million.
The Indian Strategic Petroleum Reserve (ISPR) is an emergency fuel store of total 5 MMT (million metric tons) or 36,92 MMbbl of strategic crude oil enough to provide 10 days of consumption which are maintained by the Indian Strategic Petroleum Reserves Limited.
Strategic crude oil storages are at 3 underground locations in Mangalore, Visakhapatnam and Padur near Udupi are located on the east and west coasts of India are readily accessible to the refineries. These strategic storages are in addition to the existing storages of crude oil and petroleum products with the oil companies and serve in response to external supply disruptions.
Expansion
India is planning to expand 4 more strategic crude oil facilities in second phase at Bikaner in Rajasthan, Rajkot in Gujarat, Padur in Karnataka and Chandikhole in Jajpur district of Odisha.
In 2007 China announced an expansion of their crude reserves into a two part system. Chinese reserves would consist of a government-controlled strategic reserve complemented by mandated commercial reserves. The government-controlled reserves was completed in three phases. Phase one consisted of a 101.9 million barrel reserve, mostly completed by the end of 2008. The second phase of the government-controlled reserves with an additional 170 million barrels for completion by 2011. Recently, Zhang Guobao the head of the National Energy Administration also stated that there will be a third phase that will expand reserves by 204 million barrels with the goal in 2009 of increasing China's SPR to 90 days of supply by 2020.
Oil has been released from the Strategic Petroleum Reserve three times since it was created in 1975.
published: 19 Oct 2022
The Risks of Rebuilding the US Strategic Petroleum Reserve
The record high release of crude oil from the US Strategic Petroleum Reserve, deployed to protect US consumers from shock of surging inflation, is scheduled to end this fall. When it does, the SPR will be at its lowest levels since pre-1985. What are the risks to the integrity of crude oil markets in rebuilding the SPR? Presented by @cmegroup: https://www.cmegroup.com/openmarkets/economics.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insights
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published: 12 Sep 2022
Where US gets its oil from and how strategic petroleum reserve is used | JUST THE FAQS
The U.S. is the largest crude oil producer in the world, but it still relies on oil from other countries. Here's why.
RELATED: Rising gas prices could affect your next road trip https://youtu.be/luioKomSC2E
Amid record inflation and skyrocketing gas prices, President Joe Biden is expected to again lean on the country’s strategic petroleum reserve for relief. This time the president announced plans to release up to 180 million barrels of oil — up to 1 million a day — from the reserve, the largest withdrawal in the reserve's history.
Biden first dipped into the reserve in November, when he announced the release of 50 million barrels of oil from the stockpile in an attempt to bring down energy prices. That was before Russia, one of the world’s largest oil producers, invaded Ukraine in Fe...
published: 01 Apr 2022
Why the U.S. Stores About 400 Million Oil Barrels in Caves | WSJ
After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work.
Illustration: Jacob Reynolds
More from the Wall Street Journal:
Visit WSJ.com: http://www.wsj.com
Visit the WSJ Video Center: https://wsj.com/video
On Facebook: https://www.facebook.com/pg/wsj/videos/
On Twitter: https://twitter.com/WSJ
On Snapchat: https://on.wsj.com/2ratjSM
#SPR #Oil WSJ
published: 07 Nov 2022
Strategic Petroleum Reserve will become a live issue for Biden this summer, says RBC's Croft
Helima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk on the Street' to discuss the situation in Damascus relative to oil prices, how the Strategic Petroleum Reserve will be used, and more.
published: 03 Apr 2024
Strategic Petroleum Reserve: Protecting U.S. from Severe Oil Supply Disruptions
In the event of a commercial supply disruption, the United States can turn to the emergency stockpiles of crude oil and petroleum products managed by the Department of Energy's Office of Petroleum Reserves (OPR). The mission of the OPR is to protect the United States economy from severe petroleum supply interruptions through the acquisition, storage, distribution and management of emergency petroleum stocks and to carry out U.S. obligations under the International Energy Program. The OPR manages three stockpiles: the Strategic Petroleum Reserve, the Northeast Home Heating Oil Reserve, and the Northeast Gasoline Supply Reserve. OPR also manages the Naval Petroleum and Oil Shale Reserves. LEARN MORE: https://www.Energy.gov/FE/Services/Petroleum-Reserves
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published: 13 Dec 2018
Biden Won't Refill Strategic Oil Reserve
Peter Schiff on OAN Real America with Dan Ball. Recorded 4/4/2024
#inflation #economy #debt
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published: 05 Apr 2024
US to release 50 million barrels of oil from strategic reserve | Inside Story
It's a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
He's tapping into the Strategic Petroleum Reserve.
50 million barrels of oil are being released.
Several other countries have also agreed to use their emergency reserves.
Biden's critics say it's a temporary fix.
Some argue it's a political move to help his sagging approval ratings.
But the president says there isn't enough oil on the market to meet demand - and that's pushing up prices.
He's asked the Organization of Oil Producing Countries to increase its output.
- Follow us on Twitter: https://twitter.com/AJEnglish/
- Find us on Facebook: https://www.facebook.com/aljazeera/
- Check our website: https://www.aljazeera.com/
#US #Oil #Biden
published: 24 Nov 2021
How the U.S. Strategic Petroleum Reserve Works
President Joe Biden is using a rarely tapped resource to try and bring down energy prices. Here's how the Strategic Petroleum Reserve works.
published: 01 Apr 2022
What are the strategic petroleum reserves, and how do they impact gas prices? | Verify
The US is releasing 50 million barrels of oil from the reserves. Here's when we can see relief from high gas prices.
The record high release of crude oil from the US Strategic Petroleum Reserve, deployed to protect US consumers from shock of surging inflation, is scheduled to ...
The record high release of crude oil from the US Strategic Petroleum Reserve, deployed to protect US consumers from shock of surging inflation, is scheduled to end this fall. When it does, the SPR will be at its lowest levels since pre-1985. What are the risks to the integrity of crude oil markets in rebuilding the SPR? Presented by @cmegroup: https://www.cmegroup.com/openmarkets/economics.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insights
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
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Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.
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The record high release of crude oil from the US Strategic Petroleum Reserve, deployed to protect US consumers from shock of surging inflation, is scheduled to end this fall. When it does, the SPR will be at its lowest levels since pre-1985. What are the risks to the integrity of crude oil markets in rebuilding the SPR? Presented by @cmegroup: https://www.cmegroup.com/openmarkets/economics.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insights
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
Subscribe to our newest channel Quicktake Explained: https://bit.ly/3iERrup
Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.
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The U.S. is the largest crude oil producer in the world, but it still relies on oil from other countries. Here's why.
RELATED: Rising gas prices could affect y...
The U.S. is the largest crude oil producer in the world, but it still relies on oil from other countries. Here's why.
RELATED: Rising gas prices could affect your next road trip https://youtu.be/luioKomSC2E
Amid record inflation and skyrocketing gas prices, President Joe Biden is expected to again lean on the country’s strategic petroleum reserve for relief. This time the president announced plans to release up to 180 million barrels of oil — up to 1 million a day — from the reserve, the largest withdrawal in the reserve's history.
Biden first dipped into the reserve in November, when he announced the release of 50 million barrels of oil from the stockpile in an attempt to bring down energy prices. That was before Russia, one of the world’s largest oil producers, invaded Ukraine in February, driving the west to impose tough sanctions on Russian oil and putting a further strain on the world’s oil supply.
» Subscribe to USA TODAY: http://bit.ly/1xa3XAh
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» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.
#Gas #GasPrices #OilReserves
The U.S. is the largest crude oil producer in the world, but it still relies on oil from other countries. Here's why.
RELATED: Rising gas prices could affect your next road trip https://youtu.be/luioKomSC2E
Amid record inflation and skyrocketing gas prices, President Joe Biden is expected to again lean on the country’s strategic petroleum reserve for relief. This time the president announced plans to release up to 180 million barrels of oil — up to 1 million a day — from the reserve, the largest withdrawal in the reserve's history.
Biden first dipped into the reserve in November, when he announced the release of 50 million barrels of oil from the stockpile in an attempt to bring down energy prices. That was before Russia, one of the world’s largest oil producers, invaded Ukraine in February, driving the west to impose tough sanctions on Russian oil and putting a further strain on the world’s oil supply.
» Subscribe to USA TODAY: http://bit.ly/1xa3XAh
» Watch more on this and other topics from USA TODAY: https://bit.ly/3Lr0bzs
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.
#Gas #GasPrices #OilReserves
After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill...
After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work.
Illustration: Jacob Reynolds
More from the Wall Street Journal:
Visit WSJ.com: http://www.wsj.com
Visit the WSJ Video Center: https://wsj.com/video
On Facebook: https://www.facebook.com/pg/wsj/videos/
On Twitter: https://twitter.com/WSJ
On Snapchat: https://on.wsj.com/2ratjSM
#SPR #Oil WSJ
After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work.
Illustration: Jacob Reynolds
More from the Wall Street Journal:
Visit WSJ.com: http://www.wsj.com
Visit the WSJ Video Center: https://wsj.com/video
On Facebook: https://www.facebook.com/pg/wsj/videos/
On Twitter: https://twitter.com/WSJ
On Snapchat: https://on.wsj.com/2ratjSM
#SPR #Oil WSJ
Helima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk on the Street' to discuss the situation in Damascus relative to oil prices, h...
Helima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk on the Street' to discuss the situation in Damascus relative to oil prices, how the Strategic Petroleum Reserve will be used, and more.
Helima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk on the Street' to discuss the situation in Damascus relative to oil prices, how the Strategic Petroleum Reserve will be used, and more.
In the event of a commercial supply disruption, the United States can turn to the emergency stockpiles of crude oil and petroleum products managed by the Depart...
In the event of a commercial supply disruption, the United States can turn to the emergency stockpiles of crude oil and petroleum products managed by the Department of Energy's Office of Petroleum Reserves (OPR). The mission of the OPR is to protect the United States economy from severe petroleum supply interruptions through the acquisition, storage, distribution and management of emergency petroleum stocks and to carry out U.S. obligations under the International Energy Program. The OPR manages three stockpiles: the Strategic Petroleum Reserve, the Northeast Home Heating Oil Reserve, and the Northeast Gasoline Supply Reserve. OPR also manages the Naval Petroleum and Oil Shale Reserves. LEARN MORE: https://www.Energy.gov/FE/Services/Petroleum-Reserves
---
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In the event of a commercial supply disruption, the United States can turn to the emergency stockpiles of crude oil and petroleum products managed by the Department of Energy's Office of Petroleum Reserves (OPR). The mission of the OPR is to protect the United States economy from severe petroleum supply interruptions through the acquisition, storage, distribution and management of emergency petroleum stocks and to carry out U.S. obligations under the International Energy Program. The OPR manages three stockpiles: the Strategic Petroleum Reserve, the Northeast Home Heating Oil Reserve, and the Northeast Gasoline Supply Reserve. OPR also manages the Naval Petroleum and Oil Shale Reserves. LEARN MORE: https://www.Energy.gov/FE/Services/Petroleum-Reserves
---
Subscribe so you don't miss a video http://youtube.com/energygov
Check out our cool pics on http://instagram.com/energy
Listen to our Podcast http://energy.gov/podcast
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Keep up with the Tweets at http://twitter.com/ENERGY
Peter Schiff on OAN Real America with Dan Ball. Recorded 4/4/2024
#inflation #economy #debt
💬 Join my Locals community to get The Peter Schiff Show ad-free! ...
Peter Schiff on OAN Real America with Dan Ball. Recorded 4/4/2024
#inflation #economy #debt
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Peter Schiff on OAN Real America with Dan Ball. Recorded 4/4/2024
#inflation #economy #debt
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It's a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
He's tapping into the Str...
It's a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
He's tapping into the Strategic Petroleum Reserve.
50 million barrels of oil are being released.
Several other countries have also agreed to use their emergency reserves.
Biden's critics say it's a temporary fix.
Some argue it's a political move to help his sagging approval ratings.
But the president says there isn't enough oil on the market to meet demand - and that's pushing up prices.
He's asked the Organization of Oil Producing Countries to increase its output.
- Follow us on Twitter: https://twitter.com/AJEnglish/
- Find us on Facebook: https://www.facebook.com/aljazeera/
- Check our website: https://www.aljazeera.com/
#US #Oil #Biden
It's a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
He's tapping into the Strategic Petroleum Reserve.
50 million barrels of oil are being released.
Several other countries have also agreed to use their emergency reserves.
Biden's critics say it's a temporary fix.
Some argue it's a political move to help his sagging approval ratings.
But the president says there isn't enough oil on the market to meet demand - and that's pushing up prices.
He's asked the Organization of Oil Producing Countries to increase its output.
- Follow us on Twitter: https://twitter.com/AJEnglish/
- Find us on Facebook: https://www.facebook.com/aljazeera/
- Check our website: https://www.aljazeera.com/
#US #Oil #Biden
The record high release of crude oil from the US Strategic Petroleum Reserve, deployed to protect US consumers from shock of surging inflation, is scheduled to end this fall. When it does, the SPR will be at its lowest levels since pre-1985. What are the risks to the integrity of crude oil markets in rebuilding the SPR? Presented by @cmegroup: https://www.cmegroup.com/openmarkets/economics.html?utm_source=youtube&utm_medium=paid_social&utm_campaign=quicktake_evergreen&utm_content=more_insights
Subscribe to our YouTube channel: https://bit.ly/2TwO8Gm
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Bloomberg Quicktake brings you live global news and original shows spanning business, technology, politics and culture. Make sense of the stories changing your business and your world.
To watch complete coverage on Bloomberg Quicktake 24/7, visit http://www.bloomberg.com/qt/live, or watch on Apple TV, Roku, Samsung Smart TV, Fire TV and Android TV on the Bloomberg app.
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The U.S. is the largest crude oil producer in the world, but it still relies on oil from other countries. Here's why.
RELATED: Rising gas prices could affect your next road trip https://youtu.be/luioKomSC2E
Amid record inflation and skyrocketing gas prices, President Joe Biden is expected to again lean on the country’s strategic petroleum reserve for relief. This time the president announced plans to release up to 180 million barrels of oil — up to 1 million a day — from the reserve, the largest withdrawal in the reserve's history.
Biden first dipped into the reserve in November, when he announced the release of 50 million barrels of oil from the stockpile in an attempt to bring down energy prices. That was before Russia, one of the world’s largest oil producers, invaded Ukraine in February, driving the west to impose tough sanctions on Russian oil and putting a further strain on the world’s oil supply.
» Subscribe to USA TODAY: http://bit.ly/1xa3XAh
» Watch more on this and other topics from USA TODAY: https://bit.ly/3Lr0bzs
» USA TODAY delivers current local and national news, sports, entertainment, finance, technology, and more through award-winning journalism, photos, videos and VR.
#Gas #GasPrices #OilReserves
After authorizing the largest release ever from the U.S. emergency strategic petroleum reserve, the Biden administration is signaling it will soon try to refill the stockpile. WSJ explains how this strategy can lower gas prices, and why some are skeptical that it will work.
Illustration: Jacob Reynolds
More from the Wall Street Journal:
Visit WSJ.com: http://www.wsj.com
Visit the WSJ Video Center: https://wsj.com/video
On Facebook: https://www.facebook.com/pg/wsj/videos/
On Twitter: https://twitter.com/WSJ
On Snapchat: https://on.wsj.com/2ratjSM
#SPR #Oil WSJ
Helima Croft, RBC Capital Markets global head of commodity strategy, joins 'Squawk on the Street' to discuss the situation in Damascus relative to oil prices, how the Strategic Petroleum Reserve will be used, and more.
In the event of a commercial supply disruption, the United States can turn to the emergency stockpiles of crude oil and petroleum products managed by the Department of Energy's Office of Petroleum Reserves (OPR). The mission of the OPR is to protect the United States economy from severe petroleum supply interruptions through the acquisition, storage, distribution and management of emergency petroleum stocks and to carry out U.S. obligations under the International Energy Program. The OPR manages three stockpiles: the Strategic Petroleum Reserve, the Northeast Home Heating Oil Reserve, and the Northeast Gasoline Supply Reserve. OPR also manages the Naval Petroleum and Oil Shale Reserves. LEARN MORE: https://www.Energy.gov/FE/Services/Petroleum-Reserves
---
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Peter Schiff on OAN Real America with Dan Ball. Recorded 4/4/2024
#inflation #economy #debt
💬 Join my Locals community to get The Peter Schiff Show ad-free! Plus get access to special live reports and Q&As. Visit https://schiffradio.com/premium/ to become a member.
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It's a rare move, that President Joe Biden hopes will help ease U.S. petrol prices and reduce inflation that have hit a 31-year high.
He's tapping into the Strategic Petroleum Reserve.
50 million barrels of oil are being released.
Several other countries have also agreed to use their emergency reserves.
Biden's critics say it's a temporary fix.
Some argue it's a political move to help his sagging approval ratings.
But the president says there isn't enough oil on the market to meet demand - and that's pushing up prices.
He's asked the Organization of Oil Producing Countries to increase its output.
- Follow us on Twitter: https://twitter.com/AJEnglish/
- Find us on Facebook: https://www.facebook.com/aljazeera/
- Check our website: https://www.aljazeera.com/
#US #Oil #Biden