knowledge center

Energy security and pricing

State of Play:

The United States achieved net energy independence in 2020, but that has not insulated the nation from the roiling of energy markets in the wake of the Russian invasion of Ukraine. Europe has been a large consumer of Russian natural gas, and the effort to wean itself, with the help of the United States, has strained markets and endangered global efforts to address the climate crisis.

What is the Strategic Petroleum Reserve?

Created by the Energy Policy and Conservation Act of 1975, the Strategic Petroleum Reserve is a storehouse of oil intended to protect the economy against the type of “oil shocks” spurred by the Arab boycott of oil exports to the United States in 1973. SPR is contained in hollowed-out salt domes along the coasts of Texas and Louisiana. Oil can be drawn from SPR at the direction of the president; several have done so in response to supply or price disruptions. The reserve typically has held between 600 million and 700 million barrels for most of the 21st century.

CNBC: How the Russian invasion of Ukraine has changed global oil flows

International Energy Agency, Gas Market Report, Q3-2022: Russia’s invasion of Ukraine redefines global natural gas markets

Energy Information Administration: Europe relies primarily on imports to meet its natural gas needs

Congressional Research Service: The Strategic Petroleum Reserve: Background, Authorities, and Considerations

 

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