Best way to insulate a reservoir

I have a 55 gallon barrel that I am using as a reservoir for my icebox water cooling. I am trying to find the best way to keep it insulated so my chiller does not work as hard.

It is your standard blue water barrel, I was thinking about building a box around it but I am not sure what I would use to insulate it.
 
I would suggest you try to make a cardboard mold with about a 2" space all around the barrel and fill the gap with a few cans of expanding foam. So when you're done you should have 2" foam insulation on the barrel.
 
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