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Oil Stockpiling: Help Thy Neighbor

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  • Hogan William W.

Abstract

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.

Suggested Citation

  • Hogan William W., 1983. "Oil Stockpiling: Help Thy Neighbor," The Energy Journal, , vol. 4(3), pages 49-72, July.
    • Handle: RePEc:sae:enejou:v:4:y:1983:i:3:p:49-72
    DOI: 10.5547/ISSN0195-6574-EJ-Vol4-No3-4
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    Cited by:

    1. Zhang, Xiao-Bing & Fan, Ying & Wei, Yi-Ming, 2009. "A model based on stochastic dynamic programming for determining China's optimal strategic petroleum reserve policy," Energy Policy, Elsevier, vol. 37(11), pages 4397-4406, November.
    2. Murphy, Frederic & Oliveira, Fernando S., 2013. "Pricing option contracts on the strategic petroleum reserve," Energy Economics, Elsevier, vol. 40(C), pages 242-250.
    3. Creti, Anna & Villeneuve, Bertrand, 2008. "Equilibrium Storage in a Markov Economy," MPRA Paper 11944, University Library of Munich, Germany.
    4. 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.
    5. Zhang, Xiao-Bing & Qin, Ping & Chen, Xiaolan, 2017. "Strategic oil stockpiling for energy security: The case of China and India," Energy Economics, Elsevier, vol. 61(C), pages 253-260.
    6. 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.
    7. Fan, Ying & Zhang, Xiao-Bing, 2010. "Modelling the strategic petroleum reserves of China and India by a stochastic dynamic game," Journal of Policy Modeling, Elsevier, vol. 32(4), pages 505-519, July.
    8. Ilyes Abid & Stéphane Goutte & Farid Mkaouar & Khaled Guesmi, 2019. "Optimal strategy between extraction and storage of crude oil," Annals of Operations Research, Springer, vol. 281(1), pages 3-26, October.
    9. Wu, Gang & Fan, Ying & Liu, Lan-Cui & Wei, Yi-Ming, 2008. "An empirical analysis of the dynamic programming model of stockpile acquisition strategies for China's strategic petroleum reserve," Energy Policy, Elsevier, vol. 36(4), pages 1470-1478, April.
    10. Emerson, Sarah A., 2006. "When should we use strategic oil stocks?," Energy Policy, Elsevier, vol. 34(18), pages 3377-3386, December.
    11. Bai, Yang & Dahl, Carol, 2018. "Evaluating the management of U.S. Strategic Petroleum Reserve during oil disruptions," Energy Policy, Elsevier, vol. 117(C), pages 25-38.
    12. Chaton, Corinne & Creti, Anna & Villeneuve, Bertrand, 2009. "Storage and security of supply in the medium run," Resource and Energy Economics, Elsevier, vol. 31(1), pages 24-38, January.
    13. Murphy, Frederic & Oliveira, Fernando S., 2010. "Developing a market-based approach to managing the US strategic petroleum reserve," European Journal of Operational Research, Elsevier, vol. 206(2), pages 488-495, October.
    14. 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.
    15. Zhang, Hai-Ying & Ji, Qiang & Fan, Ying, 2014. "Competition, transmission and pattern evolution: A network analysis of global oil trade," Energy Policy, Elsevier, vol. 73(C), pages 312-322.
    16. Zhang, Xiao-Bing & Zheng, Xinye & Qin, Ping & Xie, Lunyu, 2018. "Oil import tariff game for energy security: The case of China and India," Energy Economics, Elsevier, vol. 72(C), pages 255-262.
    17. Stephen W. Salant, 1984. "THE DESIGN OF A SELF‐ENFORCING MULTILATERAL AGREEMENT AMONG OIL‐lMPORTING COUNTRlES," Contemporary Economic Policy, Western Economic Association International, vol. 2(5), pages 58-75, March.
    18. AlKathiri, Nader & Atalla, Tarek N. & Murphy, Frederic & Pierru, Axel, 2020. "Optimal policies for managing oil revenue stabilization funds: An illustration using Saudi Arabia," Resources Policy, Elsevier, vol. 67(C).
    19. Wu, Gang & Wei, Yi-Ming & Nielsen, Chris & Lu, Xi & McElroy, Michael B., 2012. "A dynamic programming model of China's strategic petroleum reserve: General strategy and the effect of emergencies," Energy Economics, Elsevier, vol. 34(4), pages 1234-1243.
    20. Zhang, Xiao-Bing, 2014. "Optimal strategic oil stockpiling and import tariffs: The case of China," Energy Economics, Elsevier, vol. 45(C), pages 463-474.

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