- Following up on sales set in motion by the Department of Energy at the end of the Obama administration, President Trump has proposed in his budget to begin selling oil from the U.S. Strategic Petroleum Reserve next year. After a decade of domestic production increases brought about by the shale-drilling boom, the country’s reliance on imported oil has fallen, decreasing the need to maintain the 688-million-barrel, 141-day supply at its current level, the administration said. - The Strategic Petroleum Reserve (SPR)—the largest emergency petroleum supply in the world—is stored in four underground cavern complexes on the Gulf coasts of Louisiana and Texas. It was created in 1975 in response to the oil embargo by member nations in the Organization of Petroleum Exporting Countries (OPEC) in 1973–1974. In the years since, it has been used a handful of times to stabilize oil prices during emergencies—notably in 1991 during Operation Desert Storm and in 2005 after Hurricane Katrina. T
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