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Federal Trade Commission , The International Petroleum Cartel , staff report to the Federal Trade Commission submitted to the Subcommittee on Monopoly of the Select Committee on Small Business , United States Senate , Washington , U. S. ) And to further protect America against severe disruptions to our oil supply , I ask Congress to double the current capacity of the Strategic Petroleum Reserve . To meet future oil supply disruptions that might develop , it is important that additional oil reserves be placed in the Strategic Petroleum Reserve to meet our 750-million-barrel target . The Strategic Petroleum Reserve is the world ’ s largest inventory of emergency crude oil , which is stored in deep underground caverns in salt formations along the Texas and Louisiana Gulf Coast . Examples include The Impact of Environmental Compliance Costs on U.S. Refining Profitability , Financial Performance : Low Profitability in U.S. Refining and Marketing , and The U.S. Petroleum Refining and Gasoline Marketing Industry . These properties included the Lago Petroleum Co. and its affiliated and subsidiary companies , owning large concessions on the northeast shore of Lake Maracaibo , where the richest oil fields of Venezuela subsequently developed large installations and a refinery at Aruba in the Dutch West Indies , and ships and other transportation equipment . By filling the Strategic Petroleum Reserve to its highest level in history , American consumers and businesses are more protected today in the event of a major disruption in our oil supplies , whatever the cause , " said Secretary Bodman . He recently retired to Vancouver Island , British Columbia where he builds model oil rigs , several of which are on display at the Canadian Petroleum Interpretive Centre in Devon , Alberta . A study of both the SPR size and alternative financing arrangements is necessary if we are to make an informed decision on the Strategic Petroleum Reserve .