June 17, 2005
Review of Security at the Strategic Petroleum Reserve
The Office of Inspector General initiated an inspection of security at the Department of Energy’s (DOE) Strategic Petroleum Reserve (SPR). The SPR is the United States’ emergency stockpile of crude oil and was established in response to the 1973- 1974 oil embargo. The reserve currently stores approximately 695 million barrels of oil in underground salt caverns located in Louisiana and Texas. The SPR represents a national investment of over $40 billion including facilities and the value of the crude oil at today’s prices.