Chronology of Events
Oil Reserve Policy from 1975 to 2000
1975 — The Energy Policy and Conservation Act authorizes the Strategic Petroleum Reserve. 1977 — The first crude oil is pumped into the SPR. 1979 — Purchase of oil for the SPR is suspended because of the tight international crude oil market, Saudi objections, and budget considerations. 1980 — Congress passes the Energy Security Act, requiring that the SPR be filled at a rate of at least 100,000 barrels per day for Fiscal Year (FY) 1981. 1984 — On January 24, Secretary of Energy Donald Hodel testifies before the Senate that the Administration supports early use of the SPR during…
