Strategic Petroleum Reserve and Domestic Oil Production

The chapter delves into the history and utilization of the Strategic Petroleum Reserve (SPR) in the United States, exploring its role in supporting domestic oil production and addressing market price pressures. It also discusses the dynamics of domestic oil production, including the impact of the shale revolution and challenges in refining capacity, as well as the implications of the Russian invasion of Ukraine on investment patterns in the industry. Additionally, it touches on the similarities between energy and critical minerals markets, proposing the concept of reimagining the SPR as a Strategic Resilience Reserve to mitigate vulnerabilities in critical mineral markets and secure the supply chain for energy transition commodities in the U.S.