Number: RL31676
Title: Middle East Oil Disruption: Potential Severity and Policy Options
Authors: Lawrence Kumins and Robert Bamberger, Resources, Science, and Industry Division 
Abstract: Should there be military conflict and a loss of crude oil to world markets, the United States has a range of policy options that are available for a timely response. Chief among these is the Strategic Petroleum Reserve, which has an initial drawdown rate of 4.3 million barrels per day. A Northeast Heating Oil Reserve could provide temporary relief should there be shortages of home heating oil in New England. The President can also release funds from LIHEAP, the Low Income Home Energy Assistance Program. The United States is also a member of the International Energy Agency, which can orchestrate a coordinated world drawdown of oil stocks. Oil disruptions often spur discussion as well about energy conservation measures, increased domestic production, and other long-term policy options.
Pages: 29
Date: Updated April 29, 2003