Northeast Home Heating Oil Reserve
Encyclopedia
The Northeast Home Heating Oil Reserve was created in July 2000 to provide a reserve of heating oil for the approximately 5.3 million households in the Northeast region of the United States
that use heating oil for their homes.
Bill Clinton
directed Energy Secretary Bill Richardson to establish a 2-million-barrel home heating oil
component of the Strategic Petroleum Reserve
in the Northeast. The intent was to create a buffer large enough to allow commercial companies to compensate for interruptions in supply or severe winter weather, but not so large as to dissuade suppliers from responding to increasing prices as a sign that more supply is needed.
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
that use heating oil for their homes.
History
On July 10, 2000, President of the United StatesPresident of the United States
The President of the United States of America is the head of state and head of government of the United States. The president leads the executive branch of the federal government and is the commander-in-chief of the United States Armed Forces....
Bill Clinton
Bill Clinton
William Jefferson "Bill" Clinton is an American politician who served as the 42nd President of the United States from 1993 to 2001. Inaugurated at age 46, he was the third-youngest president. He took office at the end of the Cold War, and was the first president of the baby boomer generation...
directed Energy Secretary Bill Richardson to establish a 2-million-barrel home heating oil
Heating oil
Heating oil, or oil heat, is a low viscosity, flammable liquid petroleum product used as a fuel for furnaces or boilers in buildings. Home heating oil is often abbreviated as HHO...
component of the Strategic Petroleum Reserve
Strategic Petroleum Reserve
The Strategic Petroleum Reserve is an emergency fuel storage of oil maintained by the United States Department of Energy.- United States :The US SPR is the largest emergency supply in the world with the current capacity to hold up to ....
in the Northeast. The intent was to create a buffer large enough to allow commercial companies to compensate for interruptions in supply or severe winter weather, but not so large as to dissuade suppliers from responding to increasing prices as a sign that more supply is needed.
Facilities
- Amerada Hess Corp.Hess CorporationThe Hess Corporation is an integrated oil company based in New York City. The company explores, produces, transports, and refines crude oil and natural gas. Vertically completing the logistical chain, about 1,360 Hess branded filling stations market gasoline to consumers in 16 states along the...
, Perth Amboy (near Woodbridge, New Jersey). Capacity 965,000 barrels - Amerada Hess Corp.Hess CorporationThe Hess Corporation is an integrated oil company based in New York City. The company explores, produces, transports, and refines crude oil and natural gas. Vertically completing the logistical chain, about 1,360 Hess branded filling stations market gasoline to consumers in 16 states along the...
, Groton, ConnecticutGroton, ConnecticutGroton is a town located on the Thames River in New London County, Connecticut, United States. The population was 39,907 at the 2000 census....
. Capacity 250,000 barrels - Morgan StanleyMorgan StanleyMorgan Stanley is a global financial services firm headquartered in New York City serving a diversified group of corporations, governments, financial institutions, and individuals. Morgan Stanley also operates in 36 countries around the world, with over 600 offices and a workforce of over 60,000....
, New Haven, ConnecticutNew Haven, ConnecticutNew Haven is the second-largest city in Connecticut and the sixth-largest in New England. According to the 2010 Census, New Haven's population increased by 5.0% between 2000 and 2010, a rate higher than that of the State of Connecticut, and higher than that of the state's five largest cities, and...
. Capacity 750,000 barrels