Cover

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Title Page, Copyright Page

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CONTENTS

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p. vii

FIGURES

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p. ix

TABLES

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p. xi

LIST OF ABBREVIATIONS

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pp. xiii-xiv

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INTRODUCTION: The SPR and the American Political Economy

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pp. 1-7

On December 22, 1975, in response to the continuing energy crisis, Congress passed and President Gerald Ford signed the Energy Policy and Conservation Act, an omnibus energy bill which, among other things, created the Strategic Petroleum Reserve (SPR) program. At the time, the SPR was one of many ...

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1. THE ENERGY CRISIS BEGINS, 1970–75

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pp. 8-40

In the late 1960s, a quiet revolution was taking place in America’s oil fields, one that did not bode well for U.S. energy security: the United States was losing its surplus oil- producing capacity. In the twenty- year period leading up to the 1970s, U.S. energy consumption had doubled while the U.S. population had grown ...

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2. BUILDING THE RESERVE, 1976–79

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pp. 41-92

It was in the SPR Plan of 1976 that the FEA fleshed out the details of the reserve program—what form it would take and how it would be built. The EPCA had created the SPR Office within the FEA and charged it with the responsibility of providing detailed plans and realistic goals for SPR development. In practice, the FEA ...

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3. THE ENERGY CRISIS RETURNS,1978–80

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pp. 93-109

After the shock of 1973–75, oil markets had begun to stabilize. From 1976 through 1978, the price of Middle Eastern oil rose from roughly $12 to $14 per barrel. In the United States, where domestic oil prices were controlled by the federal government, prices also rose slowly, from $8 to $9 per barrel. These slower ...

Images

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pp. 110-115

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4. MATURATION AND ASCENSION,1980–86

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pp. 116-148

As in the election of 1976, the politics of energy were also important in the campaign of 1980. Yet there was a crucial difference: the role that the public now wanted the government to play was just the opposite of four years before. In the mid-1970s, public fears of a Big Oil conspiracy led to unprecedented federal ...

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5. DRAWDOWN FOR WAR, 1990–91

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pp. 149-180

With the slack market that had existed throughout the first half of the 1980s, U.S. petroleum demand had been met with few problems. Thus the eight-year Iran-Iraq war, unlike earlier Middle East crises, had little effect upon the U.S. economy. But the slack market masked a growing problem. By the late 1980s, it had ...

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6. SMOOTHING PRICE CYCLES,1996–2000

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pp. 181-218

The SPR became an increasingly used policy tool from 1996 through 2000. Drawdowns became more frequent as politicians turned to the reserve for purposes that varied from revenue generation to price smoothing. Yet the program was also used to benefit the oil industry, as SPR oil was exchanged and leased ...

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7. CONCLUSIONS: The SPR and U.S. Petroleum Reserves Policy

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pp. 219-245

From a historical perspective, a study of the Strategic Petroleum Reserve program reveals the ways in which energy security has become crucial to national security. Previously in U.S. history, even world history, national security had been largely a matter of military capability. By World War II, national security for ...

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EPILOGUE

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pp. 246-250

In the wake of the terror attacks of September 11, President Bush in November 2001, ordered that the reserve be filled to capacity, to enhance the nation’s energy security. That decision would add 159 million barrels to the SPR through the existing royalty-in-kind (RIK) program and increase its total oil in storage to ...

NOTES

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pp. 251-300

SOURCES AND BIBLIOGRAPHY

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pp. 301-322

INDEX

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pp. 323-334