Gas rationing is back in New York City and parts of Long Island. And — like in the 1970s oil crisis — cars that end in an even number fill up on even days, and odd plates on odd days.
The Strategic Petroleum Reserve was established to protect the economy from an embargo. But just the threat of releasing oil into the market can rein in speculation in oil futures, too.
The United States has the most crude oil stashed away and ready-to-go of any nation on earth in its Strategic Petroleum Reserve. But you can't see the oil. It's underground in salt domes.
There's news this morning that folks who do the ordering at factories are increasingly wary. The Markit U.S. Purchasing Managers Index was a disappointment, its worst showing since late 2010.
Oil prices are down about 25 percent in the past few weeks. Those falling oil prices are good for our pocketbooks. They're also good for American foreign policy.