1. New Realities, New Risks: Rethinking the Strategic Petroleum Reserve
- Author:
- Jason Bordoff, Antoine Halff, and Akos Losz
- Publication Date:
- 07-2018
- Content Type:
- Special Report
- Institution:
- Center on Global Energy Policy
- Abstract:
- The last few years have offered a reminder, if any was needed, that oil markets are no stranger to volatility. From OPEC’s reported demise to OPEC’s resurgence, the rapid fall and rise again of US shale, and the ebb and flow of geopolitical risk, oil has been on a rocky ride. After industry leaders and experts declared that the days of cheap oil were over—“$100 per barrel is becoming the new $20,” explained one top oil CEO in 2014[1]—consensus shifted to a view that oil prices would remain “lower for longer”[2] before sharply rising again in the last few months. Each day brings yet another reminder of risks to oil prices, with oil markets tight, OPEC nations signaling they intend to continue supporting prices beyond $80 per barrel, President Trump canceling the Iran nuclear deal, Venezuelan production in freefall, and geopolitical risks rife from Syria to Libya and beyond.
- Topic:
- Energy Policy, Oil, and International Affairs
- Political Geography:
- Global Focus