Bringing the US Strategic Oil Reserve to Capacity : LUSENET : TimeBomb 2000 (Y2000) : One Thread

It appears that their are two bills in congress dealing with the Stragetic Oil Reserve. THe first bill is HR 490 which requires the SEc. of Energy to aquire $300 million dollars of petroleum products by Oct 1, 1999. The second bill is HR 498 which requires the Strategic Oil Reserve to start filling at a rate of 100,000 barrels a day until it reaches it's capacity.

The url for this data is but I can't seem to get through. Can anybody else verify this information. If this is true then the Government appears to be taking Y2K seriously.

-- Bill Watt (, February 08, 1999


Where did you get your URL? Recheck it. When I tried, I received the message "Netscape is unable to locate the server:"


-- Bill S. (, February 09, 1999.

I was watching subcommitee hearings on c-span last week and the oil producing states are pushing these bills to help offset the drop in price of crude oil. the Senator from S.Dakota testified that they are down to one working rig in the entire state, Texas is hurting also according to Kay Baily Hutchinson as low producing wells are being capped and the rig count is in free-fall. Louisiana-texas combined have lost approx. 20,000 high paying jobs due to the decline in crude prices and the numbers continue to grow. Also lost billions in tax revenue. Small producers are on the verge of bankruptcy all over the country and new exploration is at a near standstill. I don't think Y2K is even in their minds on this one.

-- Nikoli Krushev (, February 09, 1999.

Correct link: /home/c106query.html
A brief bit of digging didn't turn up HR 490 or HR 498 .. not saying they aren't there .. just that I didn't find them in a cursory search...

-- Dan (, February 09, 1999.

You can see the text of these two bills on Roleigh Martin's web site: Click here

Scroll to Sunday, Feb 7, then Re:(2) new house resolutions


-- Wanda (, February 09, 1999.

Thanks for the link Wanda. I could get to the site, but once I got there and hit the date, it said URL not found.

-- gilda jessie (, February 09, 1999.

There is a huge glut of crude on the market right now. I believe that in addition to maxing out all reserves in late 1999, the government should pay to have tankers, filled to the brim with crude, anchored within tugging distance of relevant ports.

-- Puddintame (, February 09, 1999.


Keep checking Roleigh's site. Sometimes you get that message when he's updating the links, or the server is misbehaving. It's usually not down for very long.

-- Wanda (, February 09, 1999.

We need refined oil. I thought I read on one of these posts that the government stockpiles crude. If the issue is Y2K, then we need to make more refined oil while we know the refineries are still operating.

-- Brooks (, February 09, 1999.

"U.S. To Add 28 Mln Barrels Oil To Reserve"

-- Kevin (, February 11, 1999.

Quotes from the above link:

WASHINGTON (Reuters) - The U.S Government will add 28 million barrels of oil to the nation's emergency stockpile, providing some relief to energy producers who are suffering from low crude oil prices, Energy Secretary Bill Richardson said Thursday.


"We are taking advantage of today's low oil prices to rebuild our strategic oil reserve," Richard said at [a] briefing outlining the initiative.

Up to 100,000 barrels per day would be transferred to the government's Strategic Pretroleum Reserve, beginning in April, he said.


The reserve, created by Congress in 1975 in response to the Arab oil embargo, currently holds 571.4 million barrels of oil with room to store another 108.6 million barrels.


Richardson says he wants to add oil to the reserve to make the United States less vulnerable to disruptions in foreign oil shipments, which now account for half of the U.S. oil supply.

However, the 28 million barrels of oil the DOE plans to transfer in the reserve equals the amount of foreign oil the United States imports in less than four days, according to the latest department data.

[end snip]

-- Kevin (, February 11, 1999.

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