The Northeast Home Heating Oil Reserve was created in July 2000 to provide a reserve of heating oil for the approximately 5.3 million households in the Northeast region of the United States that use heating oil for their homes.
On July 10, 2000, President of the United States Bill Clinton directed Energy Secretary Bill Richardson to establish a 2,000,000-US-barrel (63,000,000 US gal; 240,000,000 L) home heating oil component of the Strategic Petroleum Reserve in the Northeast. The intent was to create a buffer large enough to allow commercial companies to compensate for interruptions in supply or severe winter weather, but not so large as to dissuade suppliers from responding to increasing prices as a sign that more supply is needed. [1]
The reserve was opened for the first time in November 2012. 2,000,000 US gallons (7,600,000 L) were made available to local and Federal agencies for relief efforts in the wake of Hurricane Sandy. [2]
The Strategic Petroleum Reserve (SPR) is an emergency stockpile of petroleum maintained by the United States Department of Energy (DOE). It is the largest publicly known emergency supply in the world; its underground tanks in Louisiana and Texas have capacity for 714 million barrels (113,500,000 m3). The United States started the petroleum reserve in 1975 to mitigate future supply disruptions as part of the international Agreement on an International Energy Program, after oil supplies were interrupted during the 1973–1974 oil embargo.
Peak oil is the hypothetical point in time when the maximum rate of global oil production is reached, after which it is argued that production will begin an irreversible decline. It is related to the distinct concept of oil depletion; while global petroleum reserves are finite, the limiting factor is not whether the oil exists but whether it can be extracted economically at a given price. A secular decline in oil extraction could be caused both by depletion of accessible reserves and by reductions in demand that reduce the price relative to the cost of extraction, as might be induced to reduce carbon emissions.
Petróleos de Venezuela, S.A. is the Venezuelan state-owned oil and natural gas company. It has activities in exploration, production, refining and exporting oil as well as exploration and production of natural gas. Since its founding on 1 January 1976 with the nationalization of the Venezuelan oil industry, PDVSA has dominated the oil industry of Venezuela, the world's fifth largest oil exporter.
Heating oil is any petroleum product or other oil used for heating; a fuel oil. Most commonly, it refers to low viscosity grades of fuel oil used for furnaces or boilers use for home heating and in other buildings. Home heating oil is often abbreviated as HHO.
Oil Storm is a 2005 television simulation portraying a future oil-shortage crisis in the United States, precipitated by a hurricane destroying key parts of the United States' oil infrastructure. The program was an attempt to depict what would happen if the highly oil-dependent country was suddenly faced with gasoline costing upwards of $7 to $8 per gallon. Directed by James Erskine and written by Erskine and Caroline Levy, it originally aired on FX Networks on 5 June 2005, at 8 p.m. ET.
Hess Corporation is an American global independent energy company involved in the exploration and production of crude oil and natural gas. It was formed by the merger of Hess Oil and Chemical and Amerada Petroleum in 1968. Leon Hess served as CEO from the early 1960s through 1995, after which his son John B Hess succeeded him as chairman and CEO.
APA Corporation is the holding company for Apache Corporation, an American company engaged in hydrocarbon exploration. It is organized in Delaware and headquartered in Houston. The company is ranked 431st on the Fortune 500.
Global strategic petroleum reserves (GSPR) refer to crude oil inventories held by the government of a particular country, as well as private industry, to safeguard the economy and help maintain national security during an energy crisis. Strategic reserves are intended to be used to cover short-term supply disruptions.
Natural gas prices, as with other commodity prices, are mainly driven by supply and demand fundamentals. However, natural gas prices may also be linked to the price of crude oil and petroleum products, especially in continental Europe. Natural gas prices in the US had historically followed oil prices, but in the recent years, it has decoupled from oil and is now trending somewhat with coal prices.
A strategic reserve is the reserve of a commodity or items that is held back from normal use by governments, organisations, or businesses in pursuance of a particular strategy or to cope with unexpected events.
The National Oil Corporation is the national oil company of Libya. It dominates Libya's oil industry, along with a number of smaller subsidiaries, which combined account for around 70% the country's oil output. Of NOC's subsidiaries, the largest oil producer is the Waha Oil Company (WOC), followed by the Arabian Gulf Oil Company (Agoco), Zueitina Oil Company (ZOC), and Sirte Oil Company (SOC).
Triton Energy Limited (NYSE: OIL) was one of the largest independent oil and natural gas exploration and production companies in the United States. Triton was founded in Dallas, Texas by E.R. Wiley in 1962, and had total proved reserves of almost 300 million barrels of oil equivalent when Amerada Hess Corporation purchased it in 2001 for $3.2 billion. At the time, Triton had operations in North and South America, West Africa, Southeast Asia, Europe, Australia and New Zealand.
The impact of the petroleum industry has been increasing globally as China ranks seventh for oil production and second in crude oil consumption in the world.
Within the petroleum industry, proven oil reserves in the United States were 43.8 billion barrels of crude oil as of the end of 2018, excluding the Strategic Petroleum Reserve. The 2018 reserves represent the largest US proven reserves since 1972. The Energy Information Administration estimates US undiscovered, technically recoverable oil resources to be an additional 198 billion barrels.
Sources include: Dow Jones (DJ), New York Times (NYT), Wall Street Journal (WSJ), and the Washington Post (WP).
Although there are numerous oil companies operating in Canada, as of 2009, the majority of production, refining and marketing was done by fewer than 20 of them. According to the 2013 edition of Forbes Global 2000, canoils.com and any other list that emphasizes market capitalization and revenue when sizing up companies, as of March 31, 2014 these are the largest Canada-based oil and gas companies.
The 1970s energy crisis occurred when the Western world, particularly the United States, Canada, Western Europe, Australia, and New Zealand, faced substantial petroleum shortages as well as elevated prices. The two worst crises of this period were the 1973 oil crisis and the 1979 energy crisis, when, respectively, the Yom Kippur War and the Iranian Revolution triggered interruptions in Middle Eastern oil exports.
The Strategic Petroleum Reserve is an emergency fuel store of oil maintained by the People's Republic of China National Development and Reform Commission. China does not officially report its volume, but as of 2016 the SPR was estimated to hold approximately 400 million barrels in total, out of a capacity of around 500 million barrels.
The Rio Vista Gas Field is a large natural gas field in the Sacramento–San Joaquin River Delta in northern California, adjacent to Rio Vista, California. Discovered in 1936, and in continuous operation since, it has produced over 3.6 trillion cubic feet (100 km3) of gas in its lifetime, and retains an estimated reserve of approximately 330 billion cubic feet (9.3×109 m3). In 2008 alone, the most recent year for which data was available, it produced 18 billion cubic feet (510,000,000 m3) of gas. Spanning portions of three counties and covering over 29,000 acres (120 km2), it is the largest natural gas field in California, and one of the fifteen largest in the United States.
 | This United States–related article is a stub. You can help Wikipedia by expanding it. |
