A camshaft phaser includes an input member; an output member defining an advance chamber and a retard chamber with the input member; a valve spool moveable between an advance position and a retard position. The valve spool has a phasing volume and a venting volume defined therein such that the phasing volume is fluidly segregated from the venting volume. The valve spool also has a passage providing fluid communication between the phasing volume and the exterior of the valve spool. Oil is supplied to the advance chamber from the phasing volume through the passage in order to retard the timing of a camshaft and oil is supplied to the retard chamber from the phasing volume through the passage in order to advance the timing of the camshaft.