EPRINC briefing
Strategic Petroleum Reserve
18 publications
Briefing summary
The U.S. Strategic Petroleum Reserve, tapped for a record 220-million-barrel drawdown between November 2021 and March 2023, fell to roughly half of capacity and has since been further depleted following the 2026 Hormuz Strait blockade, constraining emergency import coverage.
What is the proper role of the SPR in an energy emergency?
ReportThe Strategic Petroleum Reserve: Policy Challenges in Managing the Nation’s Strategic Oil StockDownload the full report below. For further reading on recent research on the value and role of the SPR, please see a recent publication by Carmine…Jul 2014ChartU.S. Crude Inventories, Strategic and Commercial, in the Wake of HormuzFollowing the Hormuz Strait blockade, U.S. crude oil inventories declined from 855 million barrels at the end of February 2026 to 776 million…Chart 2026-22EventLucian Pugliaresi Participates in Hudson Institute Discussion: “The Arab Oil Embargo 50 Years Later: Lessons Learned and Missed Opportunities”On Wednesday, October 18 2023, EPRINC President Lucian Pugliaresi participated in the Hudson Institute’s panel discussion entitled: “The…Oct 2023CommentaryRevisiting the Strategic Petroleum Reserve In Light of Recent NewsThis 2021 publication predates EPRINC’s current website, and the original document is no longer available in the archive. For EPRINC’s…Nov 2021Op-EdEPRINC’s Lucian Pugliaresi and Larry Goldstein Publish a Commentary on Policy Responses to the Current Crisis in the World Oil Market in Real Clear EnergyEPRINC’s Lucian Pugliaresi and Larry Goldstein have published a commentary examining policy responses to the current crisis in the world oil market.…Apr 2020CommentaryRevisiting The Strategic Petroleum Reserve (SPR)The prospect for conflict in the Middle East, pending collapse of production in Venezuela, and turmoil in North Africa all remind us the world oil…Jun 2019PressThe Future of the SPRLucian Pugliaresi participated in this debate in a defense of strategic oil stocks. See the link below for the debate on both sides of the issue.Nov 2015
How should recent drawdowns be evaluated and reversed?
ChartThe Strategic Petroleum Reserve (SPR) at 50 + 2Comprehensive SPR status and drawdown capacity heading into the current crisis.Chart 2025-40ChartRunning on Empty Revisited: U.S. Strategic Petroleum Reserve Continues to Decline to Historic LowsEarlier warning on SPR depletion trends.Chart 2023-39ChartU.S. SPR 2022 Emergency Sales by Purchaser TypeOf the roughly 200 million barrels sold under the 2022 emergency SPR drawdown, refiners took 93.3% and trading organizations 6.7%; the U.S. trading…Chart 2023-03CommentaryEPRINC Fellow Tristan Abbey Writes Open Letter Recommending a Bipartisan Investigation: “Did Biden Break the Strategic Petroleum Reserve?”EPRINC Fellow Tristan Abbey has written this open letter titled “Did Biden Break the Strategic Petroleum Reserve?” The letter was sent on October…Oct 2022ChartRunning on Empty: U.S. Strategic Petroleum Reserve Now at Historic LowsOriginal 2022 analysis flagging SPR vulnerability.Chart 2022-36
Can the SPR be refilled cost-effectively, including via Venezuelan crude?
Does routine SPR use for price management undermine its security purpose?
ChartSeeking Price Relief Through SPR Sales – (Revisited 2)Between November 2021 and March 2023, the Biden Administration released 220 million barrels from the Strategic Petroleum Reserve—the largest…Chart 2023-38ChartSeeking Gasoline Price Relief Through Strategic Petroleum Reserve Sales (Revised)Beginning November 23, 2021, and continuing on March 2 and March 30, 2022, the Biden administration authorized Strategic Petroleum Reserve releases…Chart 2022-12CommentaryThe Use and Misuse of the Strategic Petroleum ReserveOver the course of 2021, U.S. transportation fuel prices have climbed steeply and rapidly, rising to levels not seen in almost a decade. From the…Dec 2021ChartSeeking Gasoline Price Relief Through Strategic Petroleum Reserve SalesThe Biden administration's November 23, 2021 release of 50 million barrels from the Strategic Petroleum Reserve marks the first explicit use of the…Chart 37