The US Congress created the Strategic Petroleum Reserve as part of the Energy Policy and Conservation Act of 1975 in response to a global oil crisis. It currently holds a little over 600 million barrels of crude oil down from its peak in 2010. Before the latest drawdown, more than 230 million barrels of crude oil had been released since the reserve’s creation. Given the US is today a net petroleum exporter, the Strategic Petroleum Reserve has entered a new era. It mandated annual sales form the reserve beginning in 2017 and extending through 2028 – for a total of 271 million barrels.

Source: Libya Today November 29, 2021 09:29 UTC