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"

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.