The export of petroleum products not classified as crude oil has increased by a factor of four in the last decade, the U.S. energy secretary said. A Senate committee on energy heard testimony about the merits of the nation’s strategic petroleum reserve. Jason Bordoff, director of energy policy at the Columbia University School of International and Public Affairs, explained the SPR is an important strategic asset despite the rise in domestic crude oil production and the subsequent decline in imports. “There is an urgent need to modernize the SPR’s existing infrastructure to ensure that it can remain effective in the event of an emergency by delivering additional and incremental barrels to the market,” he said […]