The U.S. government modernizes the Strategic Petroleum Reserve

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The White House has introduced its plan to modernize the Strategic Petroleum Reserve (SPR). The program is regarded as part of a plan that could cost as much as US$2billion, Reuters reports citing a statement published by the United States Department of Energy (DOE) on Wednesday.

The DOE explains that, according to the plan, aging equipment used for oil processing, firefighting, and security at the main oil reserve for the U.S. is going to be replaced or fixed. Moreover the program also includes adding three marine terminals to the list of sixty “heavily-guarded underground caverns” found on the coasts of Louisiana and Texas.

The SPR has last been updated more than ten years ago – in 2000. Since then numerous problems have occurred inducing its modernization.

"This equipment today is near, at, or beyond the end of its design life," the DOE plan said. At the same time Reuters points at lack of prompt refurbishment as a reason that may hurt the U.S. fulfill its oil obligations in the case of a major global supply crisis.