Are we stockpiling too much oil?

Monday, April 21, 2008

The Department of Energy is continuing to add to the nation's 700-million-barrel Strategic Petroleum Reserve at a time when oil prices are at all-time highs. Taxpayers are footing the bill.

Is the Bush administration expecting a geopolitical catastrophe? Or is this just plain idiocy on the part of the administration? We talk with economist and author Stephen Leeb.

Takeaway facts:

  • The United States has the largest oil reserve in the world, with the capacity to hold 727 million barrels. The second largest is Japan's with a capacity of 579 million barrels.
  • Representatives at the Strategic Petroleum Reserve say that the Bush administration is required by the International Energy Agency to have a 90-day oil supply. Right now, the United States has 58 days of supply.

Guest: Stephen Leeb, economist and author of "The Oil Factor"

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