STORING OIL

STORING OIL

Quick facts

A look at the U.S. Strategic Petroleum Reserve:

STORAGE FACTS

Created: 1975 after 1973-74 OPEC oil embargo.

Oil stored: 701 million barrels.

Filling rate: 60,000 barrels a day.

Storage capacity: 727 million barrels. To be expanded to 1 billion barrels.

Import protection: Stored oil would replace 58 days’ worth of oil imports.

Average price: $27.73 a barrel (for oil in inventory).

PAST RELEASES

2005: 11 million barrels released after Hurricane Katrina

1996-97: 28 million barrels sold on three occasions because of decommissioning of a storage site and twice to reduce federal budget deficits.

1990-91: 21 million barrels released during war in Iraq.

1985: 1 million barrels released on a test.

Source: U.S. Department of Energy and Christian Science Monitor