How the Strategic Petroleum Reserve Works

The US Strategic Petroleum Reserve (SPR) is the largest crude oil storage facility in the world. It’s capable of storing 714 million barrels of oil, slightly less than 10% of the US’s annual oil consumption. Built in response to OAPEC’s 1973 oil embargo, the SPR was created to insulate the US from oil supply shocks: to make up for shortfalls and prevent steep price increases should oil imports be interrupted. In the years since its creation, it has become one of the most frequently used energy p...