The SPR of the United States is the largest such supply of oil in the entire world, maintained by the US Department of Energy (inventory can be tracked here). It was developed in 1975 after supplies were cut off due to the oil embargo in 1973 (the "first oil shock") which brought the price oil from $3 to $12. The next oil shock ("second oil shock") came in 1979.
Its value has fallen fifty percent in only six months. The price paid for the oil averages at around $30 per barrel. In 2005, the US released oil from the SPR in the wake of Hurricane Katrina, and later in 2011 in the wake of the Libyan civil war.
Its value has fallen fifty percent in only six months. The price paid for the oil averages at around $30 per barrel. In 2005, the US released oil from the SPR in the wake of Hurricane Katrina, and later in 2011 in the wake of the Libyan civil war.
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