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How much crude oil is in the Strategic Petroleum Reserve?

REUTERS/Richard Carson/File Photo HOUSTON, May 16 (Reuters) - The amount of crude oil in the U.S. Strategic Petroleum Reserve (SPR) dropped by 5 million barrels in the week to May 13, data from the U.S. Department of Energy showed. Stockpiles in the Strategic Petroleum Reserve (SPR) fell to 538 million barrels, the lowest since 1987.

Can the Energy Secretary tap the strategic oil reserve?

WASHINGTON (Reuters) - The U.S. House of Representatives passed a bill on Friday limiting the ability of the energy secretary to tap the strategic oil reserve without developing plans to increase the amount of public lands available for oil and gas drilling. Representatives backed the bill 221 to 205, with only one Democrat supporting it.

What is the Strategic Petroleum Reserve (SPR)?

The U.S. Energy Department said on Friday it will begin buying back oil for the Strategic Petroleum Reserve, or SPR, the first purchase since this year’s record 180 million barrel release from the stockpile. The department will buy up to 3 million barrels for delivery in February, a senior official told reporters.

Could buying oil for the strategic reserves help energy producers?

Daniel Yergin, an energy historian who advises U.S. officials on energy matters, told reporters at the Energy Department late Thursday he was skeptical that buying oil for the reserve could quickly help energy producers. “I don’t see how you can use the SPR,” he said.

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