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U.S. Strategic Petroleum Reserve: Recent Policy has Increased Costs to Consumers but Not Overall U.S. Energy Security
Senate Committee on Governmental Affairs Permanent Subcommittee on Investigations
Senate Committee on Governmental Affairs
Permanent Subcommittee on Investigations
Abstract
The Senate Committee on Homeland Security and Governmental Affairs Permanent Subcommittee on Investigations Minority Staff conducted an investigation into influences on increased gas prices relating to Department of Energy initiatives and manipulation of crude oil prices. The Subcommittee interviewed members of the Department of Energy and members of international futures exchanges in addition to reviewing crude oil futures price and trading data. The Subcommittee found that the Department of Energy deliberately filled the Strategic Petroleum Reserve and caused gas price increases for consumers. The report also found that the method of crude oil futures trading in the U.S. makes it nearly impossible to determine and prevent manipulation of crude oil prices.
Date
2003-03-05
Document Type
Senate Minority Staff Report
Serial Number
108-18.Sprt
Document Length
294 pages
Congress
108
Relation
DOI
Keywords
Staff Reports
PAP Major Code
8: Energy
PAP Minor Code
803: Natural Gas and Oil (Including Offshore Oil and Gas)