• Safi Bello

U.S. Owns 700 Million Barrels of Oil. Trump Wants to Sell It

Bloomberg -------- The weather was hot and humid on July 21, 1977, the day the U.S. government began stockpiling oil. It started small. Just 412,000 barrels of Saudi Arabian light crude stashed in a Southeast Texas salt cavern. In the wake of the Arab oil embargo, which sent prices through the roof and forced Americans to ration gasoline, creating a national reserve seemed like an obvious way to protect U.S. consumers from global supply shocks.“It’s hard to imagine if you weren’t there,’’ said John Herrington, the Energy secretary under President Ronald Reagan, who pushed to expand the reserve in the 1980s. “We were lining up at gas stations. We were turning down our thermostats.’’ To learn more click on the picture below to read the article.

U.S. Owns 700 Million Barrels of Oil. Trump Wants to Sell It - Read More from Bloomberg

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