U.S. oil sources : turmoil and tranquility / Natalie B. Kelleher, editor.

Format:

Book

Contributor:

Kelleher, Natalie B.

Series:

Energy science, engineering and technology series.

Energy science, engineering and technology

Language:

English

Subjects (All):

Petroleum industry and trade--United States.

Petroleum industry and trade.

Petroleum industry and trade--Government policy--United States.

Imports--United States.

Imports.

Energy policy--United States.

Energy policy.

Physical Description:

1 online resource (167 p.)

Edition:

1st ed.

Other Title:

United States oil sources

Place of Publication:

Hauppauge, N.Y. : Nova Science Publishers, c2012.

Language Note:

English

Summary:

Despite long standing concern by policy makers, U.S. oil imports have generally increased for decades. This book explores U.S. oil sources with a focus on the U.S.-Canada energy relationship; the Keystone XL Pipeline project; Middle East and North Africa unrest and the implications for oil and natural gas markets; Egypt's turmoil on the global oil and natural gas supply; hedge fund speculation and oil prices and The Strategic Petroleum Reserve and Refined Product Reserves Act.

Contents:

Intro

U.S. OIL SOURCES: TURMOIL AND TRANQUILITY

Library of Congress Cataloging-in-Publication Data

CONTENTS

PREFACE

Chapter 1: U.S. OIL IMPORTS: CONTEXT AND CONSIDERATIONS

SUMMARY

INTRODUCTION

U.S. OIL IMPORTS

Oil Import Fell between 2005 and 2010

Supply Disruptions Can Shift Imports and Raise Prices

Oil Imports and the Trade Deficit

Looking Forward: Import Dependence Passed Peak?

POLICY CONSIDERATIONS

Direct Policies on Oil Imports

Reducing the Need for Imports: Supply and Demand Policies

Strategic Petroleum Reserve

APPENDIX A. NET U.S. OIL IMPORTS

APPENDIX B. GROSS U.S. OIL IMPORTS

APPENDIX C. PETROLEUM TARIFF RATES

End Notes

Chapter 2: THE U.S.-CANADA ENERGY RELATIONSHIP: JOINED AT THE WELL

U.S.-CANADA ENERGY TRADE AND INFRASTRUCTURE

Energy Pipeline Infrastructure

KEY DEVELOPMENTS IN U.S.-CANADA ENERGY

Growth in Petroleum Supplies from Canadian Oil Sands

Development of New Cross-Border Petroleum Pipelines

Arctic Natural Gas Pipeline Proposals

Declining U.S. Natural Gas Imports

Liquefied Natural Gas Import-Export Terminals

CONSIDERATIONS FOR CONGRESS

ACKNOWLEDGMENTS

Chapter 3: KEYSTONE XL PIPELINE PROJECT: KEY ISSUES

Pipeline Description and Status

Presidential Permit Application Requirements

State Siting and Environmental Approvals

ARGUMENTS FOR AND AGAINST THE PIPELINE

Impact on U.S. Energy Security

Economic Impact of the Pipeline

Canadian Oil Sands Environmental Impacts

Possible Risks to the Ogallala Aquifer

Fossil Fuels Dependence

CONSISTENCY OF STATE DEPARTMENT REVIEW

APPENDIX. PRESIDENTIAL PERMITTING AUTHORITY

End Notes.

Chapter 4: MIDDLE EAST AND NORTH AFRICA UNREST: IMPLICATIONS FOR OIL AND NATURAL GAS MARKETS

SHORT-TERM PRICING PRESSURES

Unrest Contributes to Higher Oil Prices

Impacts on the U.S. Oil Market

U.S. Natural Gas More Insulated from MENA Turmoil

LONG-TERM CONSIDERATIONS: RISKS MAY PERSIST

Other Policy Options

APPENDIX. COUNTRY FACTORS

Algeria

Bahrain

Egypt

Iran

Iraq

Israel

Jordan

Kuwait

Lebanon

Libya

Morocco

Oman

Qatar

Saudi Arabia

Syria

Tunisia

United Arab Emirates (UAE)

Yemen

Chapter 5: IMPLICATIONS OF EGYPT'S TURMOIL ON GLOBAL OIL AND NATURAL GAS SUPPLY

CLOSING OF THE SUEZ CANAL AND SUEZ-MEDITERRANEAN OIL PIPELINE

NATURAL GAS SUPPLIES: A REGIONAL ISSUE

Recent Unrest

OIL EXPORTS ALREADY MINIMAL

GLOBAL OIL AND NATURAL GAS MARKETS: A SHORT-TERM CONCERN

Chapter 6: HEDGE FUND SPECULATION AND OIL PRICES

OIL PRICE SPIKES AND SPECULATION

CRUDE OIL CONTRACTS

COMMITMENTS OF TRADERS (COT) REPORTS

CHANGES IN FUTURES MARKET POSITIONS AND PRICE TRENDS

Scatter Plots of Changes in Positions and Oil Prices

Regression Results

INTERPRETING THE RESULTS

Do Hedge Funds Cause Oil Price Changes?

Do Price Changes Cause Hedge Fund Trades?

DOES HEDGE FUND SPECULATION RAISE POLICY ISSUES?

APPENDIX. STATISTICAL RELATIONSHIPS BETWEEN CHANGES IN POSITIONS AND PRICE

Chapter 7: THE STRATEGIC PETROLEUM RESERVE AND REFINED PRODUCT RESERVES: AUTHORIZATION AND DRAWDOWN POLICY

ESTABLISHMENT OF THE SPR

SPR DRAWDOWN AUTHORITIES

ACQUISITION OF CRUDE OIL FOR THE SPR

Royalty-in-Kind Acquisition

Royalty-in-Kind Termination

THE NORTHEAST HOME HEATING OIL RESERVE.

SPR EXPANSION

Bayou Choctaw

Richton Dome

THE DEBATE OVER WHEN THE SPR SHOULD BE USED

Use of the SPR in the Persian Gulf War (1990)

Hurricanes and Changes in the Market Dynamics (2005-2008)

Summer 2008 Call for an SPR Drawdown

Political Unrest in the Middle East and North Africa (MENA) 2011

OTHER POLICY CONSIDERATIONS

LEGISLATION IN THE 111TH CONGRESS

PROPOSALS IN THE 112TH CONGRESS

INDEX.

Notes:

Description based upon print version of record.

Includes bibliographical references and index.

Description based on print version record; title from PDF title page, viewed (07/28/2020).

ISBN:

1-62100-484-8

OCLC:

834143619