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Low Oil Prices Fuel Reconsideration Of Petroleum Reserves

2016-06-21 10:48:00| Climate Ark Climate Change & Global Warming Newsfeed

National Public Radio: The U.S. Department of Energy is considering the future of a public asset worth tens of billions of dollars: the Strategic Petroleum Reserve. The SPR was created after a 1973-74 oil embargo of the United States and other countries. Arab oil-producing countries stopped selling crude to the U.S. because they were upset over its support for Israel. The embargo led to steep price increases, rationing and long lines of frustrated drivers at gas stations. The purpose of the reserve is to prevent...

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