The Strategic Petroleum Reserve was established to protect the economy from an embargo. But just the threat of releasing oil into the market can rein in speculation in oil futures, too.

The United States has the most crude oil stashed away and ready-to-go of any nation on earth in its Strategic Petroleum Reserve. But you can't see the oil. It's underground in salt domes.

Hurricane Isaac is battering the Gulf, which means a huge chunk of American oil drilling and refining is off line. There’s talk of America tapping into the Strategic Petroleum Reserve.

France says it is discussing a joint release of strategic oil reserves onto the market with Britain and the U.S. The U.S. says no decision is made.

Oil is trading above $106 a barrel today on news of the continued unrest in Libya. Here in the U.S., gas prices have topped $3.50 a gallon — tha…