Source: Responsible Statecraft
by Hekmat Aboukhater
“Back in 1975, reeling from the Arab Oil Embargo of 1973, President Gerald Ford signed the Energy Policy and Conservation Act. The law established the nation’s Strategic Petroleum Reserve (SPR) and framed it as a rainy day fund, made ready for the benefit of the American people should a crisis in supply reach us once more. Today, after two consecutive administrations, our rainy day fund has been drawn down to the lowest levels since 1983.” (07/28/26)