Should We Use the Strategic Petroleum Reserve? | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary

Should We Use the Strategic Petroleum Reserve? | Jerry Taylor and Peter Van Doren | Cato Institute: Commentary: "Thus the entire narrative about the embargo and the need to protect ourselves against foreign policy blackmail was never true. Nor is it true today. The development of an oil futures market, which did not exist in 1973, allows consumers and firms to insure against the financial consequences of oil shocks through contracting."