Marketplace has a new podcast for kids, "Million Bazillion!" EPISODE OUT NOW

Is selling half of the US petroleum reserve a good idea?

Scott Tong May 23, 2017
HTML EMBED:
COPY

Is selling half of the US petroleum reserve a good idea?

Scott Tong May 23, 2017
HTML EMBED:
COPY

The Trump administration in its budget proposes to sell off half of the country’s strategic reserve of crude oil. The idea is that putting more than 300 million barrels of energy onto the market could raise more than $16 billion over the course of a decade. Proponents note that the oil market is more open, and the U.S. produces more of its own crude than in the 1970s, when the Strategic Petroleum Reserve was created. As for the thinking behind keeping up a big oil stockpile? We are still very much an oil-dependent nation, and our domestic supply doesn’t meet domestic demand.

Click the audio player above to hear the full story. 

We’re here to help you navigate this changed world and economy.

Our mission at Marketplace is to raise the economic intelligence of the country. It’s a tough task, but it’s never been more important.

In the past year, we’ve seen record unemployment, stimulus bills, and reddit users influencing the stock market. Marketplace helps you understand it all, will fact-based, approachable, and unbiased reporting.

Generous support from listeners and readers is what powers our nonprofit news—and your donation today will help provide this essential service. For just $5/month, you can sustain independent journalism that keeps you and thousands of others informed.