The US Strategic Petroleum Reserve program aims to store up to one billion barrels of crude oil underground, with current funding for 750 million barrels. As of June 1983, 330 million barrels are stored, with an estimated 370 million barrels by the end of the year. This provides about 100 days of oil supply in case of an embargo. The program covers system description, funding, storage medium selection, oil specifications, acquisition, inventory, and distribution, as well as technical issues like storage stability and environmental concerns.