Sunday, March 06, 2011

The Strategic Oil Reserve

Every time gasoline prices rise, we hear calls to tap the strategic oil reserve. With few exceptions, this makes no sense. In particular, it makes no sense when we are faced with a long term shortage or likely long term shortage. Allowing Americans to keep wasting oil at cheap prices merely postpones and aggravates the inevitable reckoning. Americans need to face up to the fact that we don't control the price of oil and are at the mercy of unpredictable and unstable foreign regimes until we can achieve something like energy independence.