Global S&T Development Trend Analysis Platform of Resources and Environment
DOI | 10.1016/j.enpol.2018.02.034 |
Evaluating the management of US Strategic Petroleum Reserve during oil disruptions | |
Bai, Yang1; Dahl, Carol2,3,4 | |
2018-06-01 | |
发表期刊 | ENERGY POLICY |
ISSN | 0301-4215 |
EISSN | 1873-6777 |
出版年 | 2018 |
卷号 | 117页码:25-38 |
文章类型 | Article |
语种 | 英语 |
国家 | Peoples R China; USA; Sweden |
英文摘要 | Numerous countries have set up strategic petroleum reserves (SPRs) in response to oil disruptions since 1970. While numerous studies model such programs, we found few that evaluate SPRs' historical performance. Thus, we evaluate the U.S. SPR's performance by comparing actual real costs with estimated real benefits. From 1976 to 2014, the real U.S. SPR cost was about $219 billion real (2014$) dollars, whereas the real benefit was only $122 billion. Sensitivity testing suggests such negative net benefits are qualitatively robust. However, if world oil demand is extremely inelastic to oil price or GDP is elastic enough to oil price shocks, the estimated U.S. SPR net benefit is positive. Sensitivity testing around total real costs and benefits range from $380 billion to $80 billion. Limited testing of IRA coordinated drawdowns suggests that total U.S. benefits jump from $122 billion to more than $400 billion putting the SPR strongly in the black. Limited testing of private sector inventory changes was more disappointing and tentatively suggests private activities may at times have offset some of the government drawdowns. With 20-20 hindsight, initial experimentation found that better management could have significantly enhanced the value of the U.S. SPR, especially for the 1990-91 disruption. |
英文关键词 | Oil disruption Strategic Petroleum Reserve (SPR) Cost benefit analysis United States |
领域 | 气候变化 |
收录类别 | SCI-E ; SSCI |
WOS记录号 | WOS:000431932600003 |
WOS关键词 | PRICE SHOCKS ; SUPPLY SHOCKS ; SECURITY ; MARKET ; MACROECONOMY ; POLICIES ; ECONOMY ; MODEL ; RISK |
WOS类目 | Economics ; Energy & Fuels ; Environmental Sciences ; Environmental Studies |
WOS研究方向 | Business & Economics ; Energy & Fuels ; Environmental Sciences & Ecology |
引用统计 | |
文献类型 | 期刊论文 |
条目标识符 | http://119.78.100.173/C666/handle/2XK7JSWQ/18296 |
专题 | 气候变化 |
作者单位 | 1.Nanjing Normal Univ, Sch Business, 1 Wenyuan Rd, Nanjing 210023, Jiangsu, Peoples R China; 2.Colorado Sch Mines, Div Econ & Business, Mineral & Energy Econ Program, Golden, CO 80403 USA; 3.Colorado Sch Mines, Div Econ & Business, Payne Inst Earth Resources, Golden, CO 80403 USA; 4.Lulea Univ Technol, Dept Business Adm Technol & Social Sci, S-97187 Lulea, Sweden |
推荐引用方式 GB/T 7714 | Bai, Yang,Dahl, Carol. Evaluating the management of US Strategic Petroleum Reserve during oil disruptions[J]. ENERGY POLICY,2018,117:25-38. |
APA | Bai, Yang,&Dahl, Carol.(2018).Evaluating the management of US Strategic Petroleum Reserve during oil disruptions.ENERGY POLICY,117,25-38. |
MLA | Bai, Yang,et al."Evaluating the management of US Strategic Petroleum Reserve during oil disruptions".ENERGY POLICY 117(2018):25-38. |
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