What is the US Strategic Petroleum Reserve and why does it matter?

The US Strategic Petroleum Reserve, created in 1975 after the Arab oil embargo, currently holds around 290 million barrels, less than half of its 700-million-barrel capacity and its lowest level since 1983. Stored in 61 salt caverns along the Gulf Coast, the reserve was significantly drawn down following the Russia-Ukraine war and this year’s Strait of Hormuz closure. A recent Government Accountability Office report warned that ageing infrastructure could hinder future emergency releases, with about a quarter of the reserve currently unavailable for drawdown. The Energy Department has allocated $1.4 billion for repairs, but officials say full restoration could take up to seven years. Al Jazeera’s Eva McKend reports from Washington, DC. Subscribe to our channel: http://bit.ly/AJSubscribe Follow us on X: https://X.com/AJEnglish Find us on Facebook: https://www.facebook.com/aljazeera Check our website: http://www.aljazeera.com/ Check out our Instagram page: https://www.instagram.com/aljazeeraenglish/ Download AJE Mobile App: https://aje.news/AJEMobile #UnitedStates #StrategicPetroleumReserve #USOil #Oil #GlobalOilMarket #USVenezuelaOilDeal #Energy #Venezuela #VenezuelanOil #DonaldTrump #OilPrices #AlJazeeraEnglish