On the other hand, we have massive reserves of oil in the billions of barrels in the ground underneath us.
By Steve Moore
WASHINGTON, D.C. (Texas Insider Report) — 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.
Steve Moore – a former Wall Street Journal Editorial Page writer, Chief Economist for The Texas Insider, and a former Senior Economic Adviser to Donald Trump – is a Senior Fellow at both FreedomWorks and the Heritage Foundation. Along with Steve Forbes & Art Laffer, he is Co-Founder of the Committee to Unleash Prosperity. Using compelling charts, videos, and maybe even a little humor, Moore and the Committee's free Daily Newsletter provides information not readily available anywhere else – short and timely inside updates on the economy, the D.C. political landscape, and numerous other issues that help you stay informed and allow you to be the smartest person in the room.
