Commentary: Keep The Lid On The Strategic Oil ReservePeter Coy
With oil prices more than $37 a barrel, tapping the Strategic Petroleum Reserve seems like a no-brainer. The U.S. has 570 million barrels of crude sitting idle in salt caverns in Texas and Louisiana, enough to cover all U.S. imports for more than two months. So why not pump some out? What's wrong with a maneuver that could knock some wind out of the oil cartel, relieve consumers, and guard the U.S. from oil-induced stagflation?
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