That share is currently ~44%, which means that if there were a 4 million barrel/day (MMb/d) interruption in supply (from, say, a war in the Middle East), the U.S.

is obligated to contribute to that effort volumes of crude equal to its share of total oil consumption by IEA’s members. Second, if the IEA calls for a collective response by its members to an international crude oil supply crisis, the U.S. needs to maintain crude oil inventories equal to at least 90 days of its net imports. The U.S., like other net oil-importing members of the International Energy Agency (IEA), has two obligations under the agency’s International Energy Program (IEP), which was established in the wake of the 1973-74 OPEC oil embargo. Today we conclude a two-part blog series on challenges and coming changes at the SPR.Ĭrude oil helps drive economies around the world, and the world was-and still is-chock full of risk. A fix now in the works would add Gulf Coast marine terminals dedicated specifically to moving SPR-stockpiled crude to those who need it, both within the U.S. refineries from the worst effects of a major crude oil supply interruption, and-when called upon by the International Energy Agency-quickly injecting large volumes of crude into global markets. Flow changes in particular have negatively affected the Strategic Petroleum Reserve’s ability to accomplish its two primary goals: protecting U.S. crude oil production, in domestic flows of crude via pipelines, ships and rail tankcars, and in crude import volumes. The Shale Revolution has caused big changes in U.S.

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