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Petroleum politics have been an increasingly important aspect of diplomacy since the rise of the petroleum industry in the Middle East in the early 20th century. As competition continues for a vital resource, the strategic calculations of major and minor countries alike place prominent emphasis on the pumping, refining, transport, sale and use ...
The energy policy of the United States is determined by federal, state, and local entities. It addresses issues of energy production, distribution, consumption, and modes of use, such as building codes, mileage standards, and commuting policies.
The EPCA declared it to be U.S. policy to establish a reserve of petroleum, setting the Strategic Petroleum Reserve (SPR) into motion, and extended the Emergency Petroleum Allocation Act of 1973 (EPAA). A number of existing storage sites were acquired in 1977. Construction of the first surface facilities began in June 1977.
Example of energy policy decisions: The goal of the Southern Gas Corridor, which connects the giant Shah Deniz gas field in Azerbaijan to Europe, is to reduce Europe's dependency on Russian gas. Energy policies are the government's strategies and decisions regarding the production, distribution, and consumption of energy within a specific ...
The oil and gas industry operates in countries throughout the world in accordance with a number of different types of agreements. These agreements generally fall into one of four categories (or a combination of the categories): risk agreements, concessions, production sharing agreements (PSAs, also known as production sharing contracts, PSCs) and service contracts.
Canada exported over $160 billion worth of crude and refined petroleum in 2022, and US firms made up the lion's share of recipients. All told, Canada ships about 4 million barrels a day to the ...
The petroleum fiscal regime of a country is a set of laws, regulations and agreements which governs the economical benefits derived from petroleum exploration and production. The regime regulates transactions between the political entity and the legal entities involved. [ 1 ]
A wellhead with the Strategic Petroleum Reserve in Big Hill, Texas. ©U.S. Department of Energy ... for example, including obtaining a permit and beginning construction, takes an average of 3.5 ...