Strategic Petroleum Reserve: Observations on the Emergency Stockpile, Statement of Statement of Frank Rusco, Testimony Before the Subcommittee on Energy, Committee on Energy and Commerce, House of Representatives [open pdf - 317KB]
"Over 4 decades ago, Congress authorized the SPR [Strategic Petroleum Reserve]--the world's largest government-owned stockpile of emergency crude oil--to reduce the impact of disruptions in supplies of petroleum products. Since 2015, Congress has also mandated sales of SPR oil to fund the modernization of SPR facilities and other national priorities. DOE [Department of Energy] manages the SPR, whose storage and related infrastructure is aging, and has plans to modernize its facilities. As a member of the International Energy Agency, the United States is obligated to maintain reserves equivalent to at least 90 days of the previous year's net imports (imports minus exports). As of March 2018, the SPR held about 665 million barrels of crude oil, about 138 days of net imports. This testimony highlights GAO's [Government Accountability Office] May 2018 report on the SPR, including the extent to which (1) DOE has identified the optimal size of the SPR, and (2) DOE's plans for modernizing the SPR take into account the effects of congressionally mandated crude oil sales. GAO reviewed DOE's documents and studies and interviewed agency officials."
Government Accountability Office (GAO): http://www.gao.gov/