The Strategic Petroleum Reserve is the biggest government stockpile of oil in the world. The U.S. is sitting on the biggest government stockpile of oil in the world. Should it continue to maintain it? The Strategic Petroleum Reserve was set up in the 1970s as a response to the Arab oil embargo and the shock waves it sent through the U.S. economy. The idea: to create a supply of oil that would let the nation weather those kinds of disruptions and give it more leverage with oil-producing nations. Over the decades, Washington has tapped into the reserve only a handful of times. Now Congress has authorized another big draw on that supply. The recent budget deal allows the government to sell 58 million barrels from the stockpile. Some observers say we should be cautious about dipping into the reserve—let alone thinking about abandoning it entirely. It serves a vital […]