The Department of Energy, or DOE, said on Monday it is seeking to buy another three million barrels of domestically-produced crude oil for the SPR, in its latest push to buy small amounts for the stockpile. The oil is slated to be delivered to the SPR in August.
Here are some facts about the SPR and efforts to put oil back in.
WHAT IS THE SPR?
It is the world's largest emergency oil stash. The U.S. created the SPR in 1975 after the Arab oil embargo spiked gasoline prices and damaged the economy. Presidents have tapped the stockpile to calm oil markets during war or when hurricanes hit oil infrastructure along the U.S. Gulf of Mexico. The oil is held in heavily-guarded underground caverns at four sites on the Texas and Louisiana coasts.
