The fact that prices have come down more slowly, and by less than oil has been a point of frustration for many. Gasoline prices are one of the few things that are posted on large signs in clear view, so consumers are constantly reminded of the rising price pressures they're facing on a daily basis. It's only in the last few weeks that consumers started to see some reprieve, with the AAA regular gasoline price measure down about 17%. However, more recently oil has turned sharply lower – falling by over 25% – while prices at the pump have been slower to come down. At their peak, prices had risen over 50% alongside the sharp spike in oil prices following the onset of the Russia-Ukraine war (Chart 1). (D) below the level of an aggregate of 252,400,000 barrels of petroleum product stored in the Reserve.Gasoline prices have been grabbing headlines over the last several months, and rightfully so. (C) if there are fewer than 252,400,000 barrels of petroleum product stored in the Reserve or (B) for more than 60 days with respect to each such shortage (A) in excess of an aggregate of 30,000,000 barrels with respect to each such shortage (2) In no case may the Reserve be drawn down under this subsection. Then the Secretary may.draw down and distribute the Strategic Petroleum Reserve. (B) action taken.would assist directly and significantly in preventing or reducing the adverse impact of such shortage, (A) a circumstance, other than those described in subsection (d), exists that constitutes, or is likely to become, a domestic or international energy supply shortages of significant scope or duration and If any such test drawdown includes the sale or exchange of crude oil, then the aggregate quantity of crude oil withdrawn from the Reserve may not exceed 5,000,000 barrels during any such test drawdown or distribution. In the conduct of such evaluation, the Secretary is authorized to carry out test drawdown and distribution of crude oil from the Reserve. (g)(1) The Secretary shall conduct a continuing evaluation of the Distribution Plan. (C) such price increase is likely to cause a major adverse impact on the national economy." (B) a severe increase in the price of petroleum products has resulted from such emergency situation and (A) an emergency situation exists and there is a significant reduction in supply which is of significant scope and duration (2) For purposes of this section, in addition to the circumstances set forth in section 3 (8), a severe energy supply interruption shall be deemed to exist if the President determines that. (d)(1) Drawdown and sale of petroleum products from the Strategic Petroleum Reserve may not be made unless the President has found drawdown and sale are required by a severe energy supply interruption or by obligations of the United States under the international energy program. (C) results, or is likely to result, from (i) an interruption in the supply of imported petroleum products, (ii) an interruption in the supply of domestic petroleum products, or (iii) sabotage or an act of God. (B) may cause major adverse impact on national safety or the national economy and (A) is, or is likely to be, of significant scope and duration, and of an emergency nature (8) The term "severe energy supply interruption" means a national energy supply shortage which the President determines.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |