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The United States boasts the world's largest stash of emergency oil supplies, yet the country's ability to influence global crude markets with releases from that reserve has waned.The North American oil boom, in which U.S. crude output has risen to more than 9.4 million barrels per day in 2015 from more than 5 million bpd in 2008, has reshaped the domestic oil market and crimped the ability of the SPR to make speedy releases.A 2014 test sale of 5 million barrels of SPR oil showed officials that the pipeline changes and aging infrastructure have reduced the SPR's ability to speed oil to market at its design rate of 4.4 million barrels per day.President Barack Obama, who wrote Congress in April that SPR infrastructure is "at the end of its design life," wants to sell more than $375 million worth of SPR oil, or about 7.3 million barrels at today's prices, in fiscal 2017, which starts in October, to fund the overhaul.Some of the misshapen caverns could be shut permanently, Shages said, since Congress has authorized other SPR sales from 2018 to 2025 that could eventually reduce crude stored at the SPR by more than 20 percent.
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