Topping Off The Tanks

After Saddam Hussein invaded Kuwait in 1990, oil prices spiked to $40 per bbl., creating anxiety among consumers and a recession for then President George Bush. Now his son is taking steps to make sure history does not repeat itself. The Bush Administration has been quietly pumping as much as 150,000 bbl. of crude oil a day this fall into the nation's Strategic Petroleum Reserve. The unheralded buildup has brought emergency stockpiles of petroleum to their highest level in history: nearly 600 million barrels. That ensures that in the event of war, President Bush can order the release of more than...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!