The Strategic Petroleum Reserve was created in 1975 "in response to the 1973 Arab oil embargo. It is authorized by the Energy Policy and Conservation Act (EPCA) (42USC 6201 et seq.), as amended and by the comprehensive energy plans of all Administrations since 1975, in recognition of the long-term dependence of the United States on imported crude oil and petroleum products.
The report's executive summary for calendar year 2006 states, "the Strategic Petroleum Reserve program provides the Nation with energy and economic security through its emergency stockpile of crude oil. As of December 31, 2006, the Reserve had a crude oil inventory of 688.6 million barrels (equal to 56 days of net U.S. imports) and a drawdown capability of 4.4 million barrels per day." The report also covers emergency oil releases, oil acquisitions and receipts; safety, health and environmental issues, and notable achievements.