U.S. Strategic Petroleum Reserve: Recent Policy has Increased Costs to Consumers but Not Overall U.S. Energy Security

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294 pages
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Additional, Minority, Dissenting Views
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Brief Executive Summary
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 committee 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 committee found that the Department of Energy deliberately filled the Strategic Petroleum Reserve and caused gas price increases for consumers. The committee 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.
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Related Hearings
Senate Committee on Governmental Affairs, Permanent Subcommittee on Investigations, hearing on "Gas Prices: How Are They Really Set?" 107th Cong., S.Hrg. 107-509, (2002)
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Authors–Additional, Minority, Dissenting Views