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  • Author: Jennifer Harris
  • Publication Date: 07-2017
  • Content Type: Research Paper
  • Institution: Council on Foreign Relations
  • Abstract: Comprising roughly 700 million barrels of crude oil stored in caverns throughout Texas and Louisiana, the U.S. Strategic Petroleum Reserve (SPR) was established by Congress in the mid-1970s in response to the 1973–74 Arab oil embargo and ensuing oil price shocks. Its purpose was to insulate the United States from crude oil supply disruptions. In the decades since, despite significant changes in global oil markets, the basic logic and design of the SPR have remained largely unchanged.
  • Topic: Global Political Economy
  • Political Geography: America