Strategic Petroleum Reserve Fast Facts
Here’s a look at what you need to know about the US Strategic Petroleum Reserve.
Facts
It provides a back-up supply of crude oil if the commercial oil supply is disrupted.
The crude oil is stored in underground salt caverns in a government complex along the Texas and Louisiana Gulf Coast. Salt formations are the cheapest, most environmentally safe way to store crude oil.
Timeline
December 22, 1975 – President Gerald Ford establishes the SPR when he signs into law the Energy Policy and Conservation Act. The law is created in response to the oil embargo of 1973-1974 and the severe effect it had on the US economy. It mandates that the United States maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.
Timeline
December 22, 1975 – President Gerald Ford establishes the SPR when he signs into law the Energy Policy and Conservation Act. The law is created in response to the oil embargo of 1973-1974 and the severe effect it had on the US economy. It mandates that the United States maintain a stockpile of one million barrels of petroleum, which is the largest emergency supply in the world.
July 21, 1977 – The first oil, from Saudi Arabia, is delivered to the SPR.
January 16, 1991 – President George H.W. Bush orders the first emergency drawdown of the SPR.
September 2000 – President Bill Clinton releases 30 million barrels of oil in the SPR, to increase home heating oil supplies and lower gasoline prices which had risen to more than $2 a gallon in some areas.
Democrat victories in the Georgia runoffs could mean a major infrastructure bill in the near future.
The sudden flip in the Senate could have transit officials doing spinning cartwheels by the end of 2021.
Both Jon Ossoff and Raphael Warnock, the Democrats who claimed Senate seats after winning Georgia runoffs, are both big advocates of transit and green infrastructure.
The Democrats now hold a slim majority in the Senate, and word is already circulating that a historical infrastructure bill could be passed once the Fixing America’s Surface Transportation Act expires in September. In fact, the new administration could start pushing for a new bill as early as February. The new Senate also is expected to move on another COVID-19 relief bill, which would mean more money for struggling transit agencies.
Gencor Releases Fourth Quarter and Fiscal Year 2020 Results
ORLANDO, Fla., Dec. 18, 2020 (GLOBE NEWSWIRE) Gencor Industries, Inc., (NASDAQ: GENC) announced today net revenue for the quarter ended September 30, 2020 decreased 27.8% to $10.5 million compared to $14.5 million for the quarter ended September 30, 2019. The decrease in revenues reflects a decline in orders from prior year as the impact of the Fixing America’s Surface Transportation Act (the “FAST Act”), which was set to expire at the end of September 2020, has slowed. On the eve of its expiration, a one-year extension to the FAST Act was passed and signed into law. The one-year extension maintains current funding levels under the FAST Act through September 2021. Gross profit as a percentage of net revenue decreased to 18.3% for the quarter ended September 30, 2020 from 19.6% for the quarter ended September 30, 2019. Gross profit in the fourth quarter of fiscal 2020 was negatively impacted due to the lower net reve