Highlights from the report include:
Drawdown 2011 – Libya Collective Action
On June 23, 2011, President Obama authorized the sale and drawdown of 30 million barrels of crude oil from the Strategic Petroleum Reserve as the United States’ share of a coordinated 60 million barrel release of oil from member countries of the IEA that had been announced the same day. The Strategic Petroleum Reserve conducted an online competitive sale that resulted in the award of 28 contracts and delivery of 30.592 million barrels of light sweet crude oil by the end of August 2011.
Cancellation of Expansion to One Billion Barrels
In 2011, Congress rescinded all remaining prior year funds appropriated for one billion barrel expansion activities.
Replacement Cavern at Bayou Choctaw
During 2011, the Department of Energy initiated and completed a condemnation proceeding to acquire a replacement cavern for Bayou Choctaw’s Cavern 20. Cavern 20 was slated to be decommissioned due to structural issues that present a major environmental risk with continued use. However, in order to maintain the drawdown capabilities of the site, a replacement cavern was necessary and an ideal replacement cavern existed within the boundaries of the Bayou Choctaw site.