The US Strategic Petroleum Reserve, created after the 1973 OAPEC oil embargo, is the world's largest crude oil storage facility holding up to 714 million barrels. It serves as a buffer against oil supply shocks and has become a key energy policy tool, though it has physical limits on how much oil can be safely removed.
Japan's trade deficit widened to 1.1 trillion yen in August as energy import costs surged due to high oil prices and the Iran conflict, with petroleum imports from the U.S. jumping over 1,000% year-on-year. Export growth slowed for the first time in six months but still beat expectations at 19.3%, driven by semiconductor equipment shipments to China and the U.S.
The US Strategic Petroleum Reserve, the world's largest crude oil storage facility with capacity for 714 million barrels, was established following OAPEC's 1973 oil embargo to protect against supply disruptions and price shocks. Created using underground salt dome storage, the SPR has become a key energy policy tool, though it has operational limits on how much oil can be safely withdrawn.
Motor oil prices at Costco have surged dramatically, with Kirkland Signature synthetic oil rising from the mid-$30s to $57.99 for a 10-quart case, while the retailer has imposed purchase limits of two units per week. The shortage stems from tightening lubricant supply and the increased complexity of modern oils that must meet stringent specifications for turbocharged engines and API standards.
FSC 432 is an introductory course on petroleum refining taught by Dr. Semih Eser at Penn State that covers how physical and chemical processes convert crude oil into compliant fuels and materials. The 12-lesson course examines separation, conversion, and finishing processes in refineries, from crude oil composition through natural gas processing and future refining technologies.