Tapping Strategic Reserve Not the Answer
In today's world, we've become accustomed to getting things quickly. We now have 24 hour access to electronic mail. We have instant coffee machines. You can heat up a meal in a microwave in a matter of minutes. Everything today is about getting it done now.
Unfortunately, there are very few quick fixes for rising gas prices. We are paying the price for being dependent on other nations for our energy. The only solution is a long-term strategy to increase our supply of energy.
One idea that is being floated again is to tap the Strategic Petroleum Reserve (SPR). The SPR was established in 1975 after the oil embargo earlier that decade. It is our safeguard against any future supply disruptions.
The SPR is maintained by the Department of Energy and has more than 700 million barrels of crude oil. The United States uses about 21 million barrels of oil per day. The SPR holds enough oil to replace our daily imports for five and a half months.
I do not believe that tapping the SPR is a viable option. There is simply not enough crude oil to have a significant downward impact on prices at the pump. Nor could we sustain such a release for the long-term. It would also mean that we have less crude oil in the case of a national emergency.
The solution to our problem is long term. We must pursue every option to increase American sources of energy and increase efficiency. Unfortunately, there is no easy or quick fix.
Sincerely,
