(03-20-2020, 05:52 AM)The Real Marty Wrote: I'm just wondering if we actually need a strategic petroleum reserve now, since we produce enough domestically to satisfy all our demand.   It seems like a relic of the 1970s Arab oil embargo.  

It seems like anyone banging the drum for smaller government would be asking, why does the government need to be in the oil business?

Look at how much the world has changed in the last 5 days. Now imagine that on top of everything already going on, OPEC decides that they're not happy with the amount of money their oil is raking in and slashes production to artificially raise prices. We've got the SPR to defray that while US oil production ramps up to meet demand. The SPR isn't going to tide the nation through a protracted oil-less depression, but it does provide a cushion if needed.

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