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Oil Stockpiling: Help Thy Neighbor

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  • William W. Hogan
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    Abstract

    And all the peoples came to Egypt to buy grain from Joseph, for the famine was grievous, everywhere.-Genesis 41:57 Saudi benevolence apart, a large inventory of oil is the most effective emergency tool that oil-importing nations could fashion. Long ago, Joseph advised the Pharaoh to prepare for famine by storing during times of plenty. Today virtually every study of policy options for oil supply emergencies emphasizes the value of building and using a large stock of oil to cushion the effects of a sudden loss in supply. And among the array of official pronouncements and promises, oil stockpiling stands out as the most visible and substantial arena of government activity in energy policy, where new institutions and resources have been deployed in the halting beginnings of a coordinated international stockpiling program. The Strategic Petroleum Reserve (SPR) and similar efforts have achieved primacy in the analysis and implementation of oil emergency policy.

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    Bibliographic Info

    Article provided by International Association for Energy Economics in its journal The Energy Journal.

    Volume (Year): Volume 4 (1983)
    Issue (Month): Number 3 ()
    Pages: 49-72

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    Handle: RePEc:aen:journl:1983v04-03-a04

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    Cited by:
    1. R. Glenn Hubbard, 1983. "Uncertain Lifetimes, Social Security, and Individual Saving," Discussion Papers 581, Northwestern University, Center for Mathematical Studies in Economics and Management Science.
    2. Bai, Y. & Zhou, D.Q. & Zhou, P. & Zhang, L.B., 2012. "Optimal path for China's strategic petroleum reserve: A dynamic programming analysis," Energy Economics, Elsevier, vol. 34(4), pages 1058-1063.
    3. Chaton, Corinne & Creti, Anna & Villeneuve, Bertrand, 2009. "Storage and security of supply in the medium run," Economics Papers from University Paris Dauphine 123456789/5204, Paris Dauphine University.
    4. Creti, Anna & Villeneuve, Bertrand, 2010. "Equilibrium Storage in a Markov Economy," MPRA Paper 20520, University Library of Munich, Germany.
    5. Emerson, Sarah A., 2006. "When should we use strategic oil stocks?," Energy Policy, Elsevier, vol. 34(18), pages 3377-3386, December.
    6. Murphy, Frederic & Oliveira, Fernando S., 2013. "Pricing option contracts on the strategic petroleum reserve," Energy Economics, Elsevier, vol. 40(C), pages 242-250.
    7. Villeneuve, Bertrand & Creti, Anna, 2013. "Commodity storage with durable shocks : A simple Markovian model," Economics Papers from University Paris Dauphine 123456789/5384, Paris Dauphine University.
    8. Carl Blumstein & Paul Komor, 1996. "Another look at the strategic petroleum reserve: Should its oil holdings be privatized?," Journal of Policy Analysis and Management, John Wiley & Sons, Ltd., vol. 15(2), pages 271-275.

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