(57) An apparatus (10) for containing and dispensing a liquid under pressure includes a flexible container (36), preferably blow molded of a plastic composition, defining an inner region (40) for containing the fluid under pressure. The container (36) is inert with respect to the liquid contained therein and has a plurality of longitudinally extending creases (44) to allow folding of the flexible container (36) inwardly along the creases (44). The flexible container (36) is capable of being folded along the creases (44) in its empty condition radially and expanded when filled with the liquid under pressure. A tubular energy sleeve (33) is positioned about the flexible container (36) in its folded condition. Expansion of the energy sleeve (33) is controlled by interaction with the flexible container 136) so as to be capable of regulating the expansion of energy sleeve (33) in substantially radial directions when the flexible container (36) is filled with the liquid under pressure. A method of producing the inventive apparatus (10) is also disclosed.