Strategic Oil Product Stockholding: International Experience & US Prospects

March 15, 2018 - 8:00 am

Strategic Oil Product Stockholding: International Experience and US Prospects

Opening remarks by:
Amb. Richard Morningstar (Ret.)
Founding Director and Chairman, Global Energy Center
Atlantic Council
A conversation with:
The Hon. John Shimkus
Congressman, 15th District of Illinois
United States House of Representatives

Ms. Susan Grissom
Chief Industry Analyst
American Fuel & Petrochemical Manufacturers
Ms. Melanie Kenderdine
Senior Fellow, Global Energy Center
Atlantic Council
Moderated by:
Mr. Phillip Cornell
Senior Fellow, Global Energy Center
Atlantic Council

Please join the Atlantic Council’s Global Energy Center on Thursday, March 15, 2018 from 8:00-9:00 a.m. for the launch of Global Energy Center Senior Fellow Phillip Cornell’s report, “Strategic Oil Product Stockholding: International Experience and American Prospects.” Since 2000, the United States has taken steps toward developing strategic stocks of emergency oil product reserves to safeguard supply from international crises and local events such as natural disasters. Reviewing existing oil product stockholding regimes worldwide, this report concludes that a decentralized and incremental implementation of strategic product reserves can allow the United States to address risks associated with oil product storage and delivery given the state of domestic infrastructure.

Cornell will moderate a panel discussion with Rep. John Shimkus, the congressman for Illinois’ 15th District, Susan Grissom, chief industry analyst at American Fuel & Petrochemical Manufacturers, and Melanie Kenderdine, a senior fellow at the Atlantic Council’s Global Energy Center. The discussion will focus on policy directions for approaching impending oil consumption changes and strengthening energy security policy in the United States.

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Atlantic Council
1030 15th Street NW, 12th Floor (West Tower Elevator) 
Washington, DC 

This event is open to press and on the record.

 Metro and parking info


Phillip Cornell is a nonresident senior fellow at the Atlantic Council's Global Energy Center. He is a specialist on energy and foreign policy, global energy markets and regulatory issues, critical energy infrastructure protection, energy security strategy and policy, Saudi Arabian oil policy, Gulf energy economics, and sustainable energy transition policy.
Prior to joining the Atlantic Council, Cornell was a senior corporate planning advisor to the Chairman and CEO of Saudi Aramco, where he provided market analysis and business development support to the executive management during the implementation of Saudi oil price strategy. In that capacity, he also provided advice to the Royal Court in the context of Saudi economic transition and foreign policy.
From 2011-2014 he was special advisor to the executive director of the International Energy Agency (IEA) in Paris, responsible for strategic messaging and policy advice to the Executive Office of the IEA. Previously, he developed IEA simulations and war-gaming among ministries in preparation for major oil and gas emergencies.
Before joining the IEA, Cornell served with NATO as the senior fellow and director of international programs at the NATO School (NSO) in Oberammergau, Germany, where his policy research focused on NATO and energy security. During that period, he also served on the secretary general's committee in Brussels to develop NATO policy in the area of energy infrastructure security.
Cornell has held research positions at the Naval Postgraduate School (Monterey), the Royal United Services Institute (London) and the Center for International Security and Cooperation (Stanford), and he is the author of a number of articles and volumes on energy security and security policy. He holds Masters degrees with distinction in International Economics (energy focus) and European Studies (security focus) from the Johns Hopkins School of Advanced International Studies. He received his BA cum laude in International Relations from Stanford University.

Susan Grissom is the chief industry analyst for the American Fuel & Petrochemical Manufacturers (AFPM), a trade association representing US refiners and petrochemical producers. As chief industry analyst, she identifies and analyzes the potential market and economic impacts of proposed regulatory and statutory changes on the refining industry. She has twenty-five years of experience analyzing global crude oil and refined product markets, in the private and public sectors. She previously worked for the US Energy Information Administration directing the analysis of crude oil and refined petroleum product markets, for Ernst & Young leading research and analytics for the oil and gas practice, and for ExxonMobil directing the strategic economic and operational analysis of global refining and supply networks. Ms. Grissom holds an MBA from the Wharton School of the University of Pennsylvania and an AB in Mathematics from Mount Holyoke College.

Melanie A. Kenderdine is a nonresident senior fellow at the Atlantic Council’s Global Energy Center. Previously, Ms. Kenderdine concurrently served at the US Department of Energy (DOE) as the energy counselor to the secretary and director of the Office of Energy Policy and Systems Analysis from May 2013 to January 2017. She wrote or edited two installments of the federal government’s Quadrennial Energy Review, was a principal architect of the G7 Energy Security Principles adopted by G7 leaders in Brussels in 2014, and was the editor of the Energy Security Valuation Study, submitted to Congress in early 2017.  
Prior to her service at DOE, Ms. Kenderdine helped to establish the MIT Energy Initiative (MITEI) and served as its executive director. During her six-year tenure at MITEI, Ms. Kenderdine was a member of the research team for MIT’s Future of Natural Gas Study, was the rapporteur and editor for the MITEI Symposium Series, and edited the MIT Future of the Electric Grid Study. Before joining MITEI, Ms. Kenderdine served as the vice president of Washington Operations for the Gas Technology Institute (GTI) from 2001 to 2007. While at GTI, she established a not-for-profit company, the Research Partnership to Secure Energy for America (RPSEA), taking it from an MOU between GTI and one university, to a research consortium of twenty-six universities and thirty industry partners. RPSEA ultimately competed for and won a $350 million federal unconventional gas research contract.  
From 1993 to 2001, Ms. Kenderdine was a political appointee in President Bill Clinton’s administration, serving in several key posts at DOE, including senior policy adviser to the secretary, director of the Office of Policy, and deputy assistant secretary for congressional and intergovernmental affairs. Prior to joining DOE, Ms. Kenderdine was chief of staff and legislative director for New Mexico Congressman Bill Richardson.
 In 2014, Ms. Kenderdine was named one of the top five women in Washington shaping energy policy by the National Journal.  She started the C3E Symposium series at MIT to support the careers of women in clean energy and still serves as a DOE C3E ambassador. Ms. Kenderdine is a frequent lecturer and speaker on energy policy across the country and around the world. She has published articles in the World Energy Forum magazine, Physics Today, and co-authored chapters in two editions of the book “Energy Security in the 21st Century: A New Foreign Policy Strategy.” She is the board chair of the Alliance of Hope, a nation-wide support network for survivors of suicide.

Richard L. Morningstar is the founding director and chairman of the Global Energy Center at the Atlantic Council. He served as the US ambassador to the Republic of Azerbaijan from July 2012 to August 2014. Prior to his appointment, he was the secretary of state's special envoy for Eurasian energy (2009-2012). Previously, he lectured at the Kennedy School of Government at Harvard and Stanford Law School. From June 1999 to September 2001, he served as United States ambassador to the European Union. Prior to this, Morningstar served as special adviser to the president and secretary of state for Caspian Basin energy diplomacy. From April 1995 to July 1998, he served as ambassador and special adviser to the president and secretary of state on assistance for the new independent states (NIS) of the former Soviet Union, where he oversaw all US bilateral assistance and trade investment activities in the NIS. From 1993 to 1995, he served as senior vice president of the Overseas Private Investment Corporation (OPIC). Morningstar received his BA from Harvard in 1967 and JD from Stanford Law School in 1970.

Rep. John M. Shimkus has served in the Army, as a high school teacher, a county treasurer, and now as a Member of the United States House of Representatives for the 15th District of Illinois.
Among his duties in Congress, John is a senior member of the House Energy and Commerce Committee and chairman of its Environment Subcommittee. He also serves on the Energy, Health, and Communications and Technology Subcommittees; a member of the Biotech, Wireless, NG9-1-1, Recycling, Coal, Steel, and Baltic Caucuses; in addition to representing the U.S. Congress in the NATO Parliamentary Assembly. Over the years, John has worked with his colleagues on both sides of the aisle to advance policies that enhance our nation's energy security and public safety. Several of his legislative initiatives have been signed into law by Presidents Bill Clinton, George W. Bush, and Barack Obama.
John received his Bachelor of Science degree in general engineering from the United States Military Academy at West Point, New York, in 1980. He served over five years active duty in the Army, then entered the Army Reserves. John retired with the rank of Lieutenant Colonel on June 1, 2008, concluding 28 years of military service.
After leaving active duty, John earned his teaching certificate from Christ College Irvine, California (now Concordia University Irvine). He returned home to teach at Metro East Lutheran High School in Edwardsville, Illinois.
In 1989 John won his first election, becoming a Collinsville Township trustee. He left his teaching job the following year to campaign full-time and was elected Madison County (Illinois) Treasurer. John began studies for his master’s degree in business administration (MBA) while county treasurer and graduated from Southern Illinois University Edwardsville in 1997.
In 1996 John won his first term as a United States Representative from what was then Illinois' 20th District. From 2003-2013 he represented the 19th District and now he represents the 15th District, 33 counties that stretch from his hometown near St. Louis to the Indiana border and from Hoopeston south to Metropolis. Danville is the largest city in the 15th District.