home | banking | car | college | credit/credit card | economy | home/mortgage | insurance | investment | retirement | spending | tax | et cetera

December 7, 2004 03:14 PM

Topping Off the Biggest Gas Tank


Excerpt: American taxpayers have invested about $20 billion to build and stock this reserve and three others in hidden places since it was created in 1975 in response to the Arab oil embargo that began two years earlier. And now, after 29 years, it is finally about to be filled to the brim for the first time.


A swamp near here is one of the most secretive places in America. There are no signs, just a 500-acre complex protected at all times by 30 armed guards in combat fatigues patrolling in sport utility vehicles.

This is part of the world's largest and most expensive filling station, the United States Strategic Petroleum Reserve, where a large portion of the government's nearly 700 million barrels of oil are stored in underground salt shafts that are supposed to be stable into the 2020's.

American taxpayers have invested about $20 billion to build and stock this reserve and three others in hidden places since it was created in 1975 in response to the Arab oil embargo that began two years earlier. And now, after 29 years, it is finally about to be filled to the brim for the first time.

Some oil economists say these reserves are having important effects on oil prices. They assume that the United States will no longer be putting upward pressure on oil prices by adding to the reserve, while that huge reservoir will reduce the country's vulnerability to any new shock and soothe the "fear premium" that elevates gas prices. Others say they will simply sleep better, knowing that America has a secure energy supply.

Read Full Story ...



IBM Cash Balance Plan Ending (December 09, 2004)
International Business Machines Corp. is set to close its cash balance pension plan to new employees and offer them a 401(k) plan, newspaper reports said Thursday. The new 401(k) plan -- which would not affect current employees or retirees and goes into effect Jan. 1 ...
John Snow Staying On At Treasury (December 09, 2004)
Treasury Secretary John Snow has said "yes" to President Bush's request that he remain in his post in a second Bush administration, the White House said Wednesday. "The president is pleased that Secretary Snow decided to stay on for his second term. He is a ...
What To Do With A Dud Gift (December 07, 2004)
It's bound to happen every time the holidays roll around: You get a gift that is great, but a little off (wrong size, unflattering color, etc.); way off-base (Omaha steaks for a vegetarian); or just awful (trophy plaque with a plastic rhinoceros head). Before you ...
Putting Your Financial House In Online Order (December 07, 2004)
Getting your finances in shape is a tall order. Faced with a sea of paper -- bills to be paid, check statements, brokerage transaction records, mutual fund reports -- most people want to abandon ship. Instead, look online for help. Provided that you're comfortable with ...

Read all 32 posts in the same category of Anything Else:

‘Tis The Season For Wall Street Bonuses - Dec 17, 2004
Coping With Rising Rates - Dec 14, 2004
Financial Resolutions - Dec 11, 2004
IBM Cash Balance Plan Ending - Dec 09, 2004
John Snow Staying On At Treasury - Dec 09, 2004
What To Do With A Dud Gift - Dec 07, 2004
Putting Your Financial House In Online Order - Dec 07, 2004
Social Security Reform: A Guide - Dec 06, 2004
The Disparate Consensus on Health Care for All - Dec 06, 2004
Giving Children Funds As Gifts - Dec 05, 2004
Bank Machine Dispenses Fake Money - Dec 02, 2004
Account Aggregation: All-In-One Convenience - Dec 01, 2004
A Life Fulfilled - Nov 30, 2004
A Seal Of Good Giving - Nov 28, 2004
More Are Saying It With Plastic: Gift Cards The Holiday Present Of Choice - Nov 26, 2004
Use Open Enrollment To Review Health-Insurance Plan - Nov 25, 2004
The Pitfalls of VOIP - Nov 23, 2004
Business Airfares, Down 11%, Might Be Lowest Ever - Nov 22, 2004
International Lottery Scams - Nov 22, 2004
Work-at-Home Schemes - Nov 22, 2004
Medical Billing Opportunities: Worth a Second Opinion - Nov 22, 2004
The Lowdown on Chain Letters - Nov 22, 2004
The Bottom Line About Multilevel Marketing Plans - Nov 22, 2004
Get-Rich-Quick & Self-Employment Schemes - Nov 22, 2004
Could 'Biz Opp' Offers Be Out For Your Coffers? - Nov 22, 2004
Costly Coupon Scams - Nov 22, 2004
8 Lottery Winners Who Lost Their Millions - Nov 22, 2004
Ranks of U.S. Millionaires Surge - Nov 16, 2004
What Wal-Mart Knows About Customers' Habits - Nov 14, 2004
How Much Are You Really Worth? - Nov 06, 2004
What the Bush Victory Means for Consumers - Nov 03, 2004