Strategic Gasoline Reserve?
Tip It!According to a story from CNN/Money, Senators Chuck Schumer and Dick Durbin are pushing for the creation of a gas reserve to protect the country against spikes in price spikes in the event of future natural or manmade disasters. Unlike the Strategic Petroleum Reserve (SPR), which contains over 700 million barrels of crude oil, the gas reserve would be a stockpile of refined gasoline (40 million barrels) and jet fuel (7.5 million barrels). This would effectively remove any bottlenecks due to refinery capacity (such as we’ve been experiencing lately) and would therefore allow for more direct control over prices. Perhaps the biggest problem with this idea is that gasoline goes bad over time, so there would have to be a mechanism in place to keep the stockpile fresh.
Published on October 4th, 2005 - One Comment
Filed under: Energy
About the author: Nickel is the founder and editor-in-chief of this site. He's a thirty-something family man who has been writing about personal finance since 2005, and guess what? He's on Twitter!
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October 9th, 2005 at 9:20 am
If Durbin and Schumer are for it there must be something wrong with it. Nice little site you have here. Congrats!