The Long-Term Strategic Review (LTSR) provides an overview of the Strategic Petroleum Reserve (SPR) and addresses key challenges that will impact the SPR’s ability to carry out its energy security mission. As expanding North American crude oil production has substantially reduced waterborne imports into the United States and changed the flow of petroleum, numerous questions have arisen about the future of the SPR. Major topics examined in the report include the state of the SPR’s surface and subsurface infrastructure, bottlenecks in the North American midstream infrastructure that impact the SPR’s ability to move oil to the market, a discussion of some of the costs and benefits of SPR options, SPR modernization requirements for infrastructure life extension and the addition of dedicated marine terminals, and issues with the SPR’s authorizing legislation, the Energy Policy and Conservation Act (EPCA). These areas are evaluated with consideration given to the Bipartisan Budget Act of 2015 and the Fixing America’s Surface Transportation (FAST) Act, which mandate the sale of an estimated 124 million barrels (MMbbl) of the SPR’s crude oil inventory and authorize the funding of an SPR modernization program through the sale of up to an additional $2 billion worth of oil. This review synthesizes these input projects and presents conclusions that will help inform decisions about the SPR going forward.