On the other hand, we have massive reserves of oil in the billions of barrels in the ground underneath us.
Stephen Moore: Unleash Prosperity Hotline – Donald Trump announced one million barrel a day purchases of oil for the SPR.
The price has fallen to $58 a barrel which is the lowest price in roughly five years. Recall that Biden pulled about 250 million barrels out of the reserve due to spiraling oil prices in 2018 and 2019 - which of course was due to his own anti-drilling policies.
Meanwhile, China is building up its oil reserves - as the chart shows. Not long ago we had 250 million barrels more in reserves and now they have 50% higher reserves than we do.On the other hand, we have massive reserves of oil in the billions of barrels in the ground underneath us, while China has barren fields.
We will leave it to readers to decide whether now is the right time to be refilling the SPR. We’re agnostic on the question.
