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AP National Business

EXPLAINER: What is the Strategic Petroleum Reserve?

KIFI
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Published 10:51 AM

By DAVID KOENIG and CATHY BUSSEWITZ
AP Business Writers

DALLAS (AP) — The Biden administration plans to release 15 million barrels of oil from the U.S. strategic reserve to counter recent production cuts announced by OPEC+ nations. President Joe Biden is expected to say Wednesday that the U.S. may draw down those reserves further this winter. Tapping the reserve among the few things a president can do alone to try to control inflation, which makes Americans poorer and often creates a political liability for the party in control of the White House. America’s Strategic Petroleum Reserve is a collection of underground salt caverns in Texas and Louisiana that can hold more than 700 million barrels of oil.

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