The war between Russia and Ukraine only shows how volatile fossil fuels are.
For the moment, that leaves the US with the Strategic Petroleum Reserve.
, the average cavern is 2,500 feet tall, big enough that temperature differences between the top and bottom cause the liquid fuel to circulate constantly. The largest of them could hold the One World Trade Center with room to spare. Across four sites on the Texas and Louisiana coast, the caverns hold close to 600 million barrels of crude oil—more than half of the country’s total crude oil stocks. So while the 30 million barrels that the Department of Energy plans to release is just a fraction of the total, it’s also the maximum that the US is allowed to sell at once. Last November, 50 million barrels were pumped from the reserve, but the majority were loaned out, rather than sold.
“I think that this 30 million barrel release was largely symbolic,” Siegel says. “The only way to get rid of oil and gas volatility and to protect people from price spikes or suffering is to get off oil and gas.”
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