Strategic petroleum reserve. Quarterly report

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The Strategic Petroleum Reserve serves as one of our most important investments in reducing the Nation`s vulnerability to oil supply disruptions. Its existence provides an effective response mechanism should a disruption occur and a formidable deterrent to the use of oil as a political instrument. The Strategic Petroleum Reserve was created pursuant to the Energy Policy and Conservation Act of December 22, 1975, (Public Law 94-163) as amended, to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the Agreement on an International Energy Program. Section 165(a) of the Act requires the submission of Annual Reports and Section 165(b)(1) requires the submission of Quarterly Reports. This Quarterly Report highlights activities undertaken during the first quarter of calendar year 1994, including: (1) inventory of petroleum products stored in the Reserve, under contract and in transit at the end of the calendar quarter; (2) fill rate for the current quarter and projected fill rate for the next calendar quarter; (3) average price of the petroleum products acquired during the calendar quarter; (4) current and projected storage capacity; (5) analysis of existing or anticipated problems with the acquisition and storage of petroleum products, and future expansion of storage capacity; (6) funds obligated by the Secretary from the SPR Petroleum Account and the Strategic Petroleum Reserve Account during the prior calendar quarter and in total; and (7) major environmental actions completed, in progress, or anticipated.