Most countries have large oil and gas reserves of their own in order to prevent uncertainties in global markets as well as negative economic consequences in times of shortages. With 600 million barrels of oil, the United States holds the largest of such reserves in the world. In the European Union, a region whose energy security has historically been vulnerable due to a high dependence on oil and gas imports, a 1968 directive (passed during the times of the ‘European Community’) requires member states to have a strategic petroleum reserve for at least 90 days of average domestic consumption. The reason is that in situations of uncertainty, governments should be able to rely on reserves to fend off market speculation, or a full out energy crisis should the situation be more grave. However, despite the reserves, the international community has a strong dependency on fossil fuel exporters even today.