Bill Overview
Title: Strategic Petroleum Reserve Anti-Exploitation Act
Description: This bill prohibits the drawdown or sale of stocks in the Strategic Petroleum Reserve unless authorized by Congress in response to a national emergency.
Sponsors: Rep. Fallon, Pat [R-TX-4]
Target Audience
Population: People who are either directly or indirectly affected by changes in oil prices and energy policy
Estimated Size: 331000000
- This bill directly impacts the strategic management and policy governing the Strategic Petroleum Reserve (SPR), a critical national resource for energy security.
- The SPR influences global oil prices, and any change in its management can affect global oil markets, impacting consumers and industries worldwide.
- Any restriction on the SPR's use could influence gasoline prices in the United States, thereby affecting American consumers.
- Industries reliant on petroleum products, such as transportation, manufacturing, and logistics, could experience cost changes.
- The global oil market, including producers and consumers, could be impacted by shifts in US oil policy.
Reasoning
- The Strategic Petroleum Reserve (SPR) directly impacts oil prices, which ripple through the economy. This influences consumers in terms of gasoline prices, heating fuel costs, and ultimately the cost of living.
- Industries, particularly those heavily reliant on transportation and logistics, such as trucking and airlines, are affected by oil price changes. Strategic management of the SPR can stabilize prices and provide predictability.
- A significant change in policy could lead to price volatility which may underscore or overstate the impacts on individual wellbeing.
- The population directly affected by the policy includes drivers, daily commuters, and industries dependent on oil, which are a substantial part of the population.
- Given the budget constraints and target population, the policy needs a focused impact, reflecting its indirect influence on global oil prices and broader economic factors in the US.
Simulated Interviews
Petrochemical Engineer (Houston, TX)
Age: 28 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- The policy might stabilize oil prices in emergencies, which is crucial for our industry.
- Any regulatory uncertainty can lead to increased operational costs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 5 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 4 |
| Year 20 | 8 | 4 |
Automobile Factory Worker (Detroit, MI)
Age: 45 | Gender: male
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 8/20
Statement of Opinion:
- High gasoline prices directly cut into my budget.
- The policy could prevent unnecessary price spikes.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 6 |
| Year 2 | 7 | 5 |
| Year 3 | 7 | 5 |
| Year 5 | 7 | 5 |
| Year 10 | 8 | 4 |
| Year 20 | 8 | 4 |
Tech Startup Founder (San Francisco, CA)
Age: 38 | Gender: other
Wellbeing Before Policy: 8
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- This policy seems less relevant to me as an electric vehicle user.
- Fossil fuel management remains crucial for broader economic stability.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 7 |
| Year 10 | 7 | 7 |
| Year 20 | 7 | 7 |
Truck Driver (Bismarck, ND)
Age: 55 | Gender: female
Wellbeing Before Policy: 5
Duration of Impact: 20.0 years
Commonness: 4/20
Statement of Opinion:
- Policy could help keep fuel prices stable during emergencies, which I rely on.
- Unpredictability in fuel costs is my biggest business risk.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 6 | 4 |
| Year 3 | 6 | 4 |
| Year 5 | 7 | 3 |
| Year 10 | 8 | 3 |
| Year 20 | 7 | 2 |
Energy Analyst (Phoenix, AZ)
Age: 32 | Gender: male
Wellbeing Before Policy: 7
Duration of Impact: 5.0 years
Commonness: 7/20
Statement of Opinion:
- Strategic reserves are important for national security and must be managed carefully.
- I'm interested in how this affects transition to renewables.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 7 |
| Year 2 | 7 | 7 |
| Year 3 | 7 | 7 |
| Year 5 | 7 | 6 |
| Year 10 | 8 | 6 |
| Year 20 | 8 | 5 |
Grocery Store Manager (Lexington, KY)
Age: 27 | Gender: female
Wellbeing Before Policy: 6
Duration of Impact: 10.0 years
Commonness: 10/20
Statement of Opinion:
- Policy could help prevent dramatic swings in supply chain costs affecting food prices.
- Stability in transportation costs is crucial for us.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 5 |
| Year 5 | 8 | 5 |
| Year 10 | 8 | 4 |
| Year 20 | 7 | 4 |
Retiree (Orlando, FL)
Age: 62 | Gender: male
Wellbeing Before Policy: 5
Duration of Impact: 15.0 years
Commonness: 9/20
Statement of Opinion:
- Good management of the reserves is important to avoid fuel price hikes, which affect my fixed income.
- I hope it ensures more predictable living costs.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 6 | 5 |
| Year 2 | 7 | 4 |
| Year 3 | 7 | 4 |
| Year 5 | 7 | 4 |
| Year 10 | 8 | 3 |
| Year 20 | 7 | 3 |
Independent Consultant (Dallas, TX)
Age: 34 | Gender: female
Wellbeing Before Policy: 7
Duration of Impact: 10.0 years
Commonness: 4/20
Statement of Opinion:
- Changes in SPR management affect market dynamics, helping me advise clients better.
- It's crucial for balancing national interests with market realities.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 7 |
| Year 2 | 8 | 6 |
| Year 3 | 8 | 6 |
| Year 5 | 9 | 5 |
| Year 10 | 9 | 5 |
| Year 20 | 8 | 5 |
Investment Banker (New York, NY)
Age: 49 | Gender: male
Wellbeing Before Policy: 8
Duration of Impact: 10.0 years
Commonness: 5/20
Statement of Opinion:
- This legislative change could signal more stable investment outcomes in energy.
- Good for avoiding speculative volatility in oil prices.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 8 | 8 |
| Year 2 | 8 | 8 |
| Year 3 | 9 | 8 |
| Year 5 | 9 | 7 |
| Year 10 | 9 | 7 |
| Year 20 | 8 | 7 |
Environmental Activist (Portland, OR)
Age: 29 | Gender: other
Wellbeing Before Policy: 6
Duration of Impact: 5.0 years
Commonness: 6/20
Statement of Opinion:
- I worry about continued reliance on oil, but proper management matters.
- Hopefully, this encourages a move to renewables in crises.
Wellbeing Over Time (With vs Without Policy)
| Year | With Policy | Without Policy |
|---|---|---|
| Year 1 | 7 | 6 |
| Year 2 | 7 | 6 |
| Year 3 | 7 | 6 |
| Year 5 | 7 | 6 |
| Year 10 | 6 | 5 |
| Year 20 | 6 | 5 |
Cost Estimates
Year 1: $50000000 (Low: $30000000, High: $100000000)
Year 2: $50000000 (Low: $30000000, High: $100000000)
Year 3: $50000000 (Low: $30000000, High: $100000000)
Year 5: $50000000 (Low: $30000000, High: $100000000)
Year 10: $50000000 (Low: $30000000, High: $100000000)
Year 100: $50000000 (Low: $30000000, High: $100000000)
Key Considerations
- Potential market dislocation due to perceived supply constraints.
- Strategic geopolitical implications of restrictive energy policies.
- Immediate and latent effects on SPR storage and maintenance costs.
- Potential long-term economic resilience through enhanced energy security.