Publications: Notes at the Margin

Strategic Stocks: The Best Defender of High Prices and the IEA as a Cause of Recessions (September 9, 2013)


For the last four years, non-OECD countries have aggressively added to strategic crude oil reserves, encouraged by bureaucrats at the International Energy Agency, the US State Department, and the foreign affairs ministries of other countries. In this week's analysis, we discuss how the actions of consuming nations, not OPEC members, are responsible for today’s price levels. The finding also implies that the paranoid focus on strategic stocks by well-meaning but economically illiterate energy policymakers in Paris, Washington, and elsewhere should be blamed for much of the current economic slowdown.


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