Petroleum Reserve of a country is the emergency fuel storage the country has when in case of a crisis it would require to use when importing of crude oil stops.
India’s strategic petroleum reserve is emergency fuel storage of 5 Million Metric Tons of crude oil just enough to provide 10 days of consumption in case of a National emergency.
In the 2017-2018 budget speech by the Indian Finance Minister Arun Jaitley, it was announced that two more such cavers will be set up at Chandikhole in Jaipur district of Odisha & Bikaner in Rajasthan as part of the second phase.
This will take the reserve capacity to 15.33 million tons.
While China is likely to filling its strategic petroleum reserves after doubling purchases of it this year as prices plunged, JP Morgan Chase & Co. analysis including Ying Wang wrote in a June 29 research note.
Chinese crude imports have risen 16 percent this year and the country is rivaling the United States as the world’s biggest oil purchaser.
China has taken the opportunity of lower oil prices since 2015 to accelerate the strategic petroleum reserve builds, while India has a long way to go as compared to China.
The recent developments on the global scenario involving relations between the US and China have resulted in India taking the US’s side whereas China has supported strategic rivals Pakistan.
If in case of a future war, we are sitting on a crude reserve of only 10 days while China has stockpiled for many years.
Why is this important issue of national security not taken seriously?
Who are the people responsible for this situation?
When will the government take up this as a serious threat and accelerate strategic petroleum reserve?
Governments spending of Arms import in Defense Budget is increasing, is stocking on strategic crude oil not into the defense program?
We people should raise our voice in this critical issue of National security.