Smarter Sanctions Against Iran

Use the Strategic Petroleum Reserve, says Philip Verleger of the Peterson Institute.

There is...a way to put real pressure on Iran while moderating or eliminating economic fallout for the US and EU economies and those of their trading partners. Changes in the US energy sector have made a significant portion of the US Strategic Petroleum Reserve (SPR) superfluous. As of January 2012, the US government held almost 690 million barrels of crude in reserve. Thanks to reduced consumption and increased production, one-third of the SPR--roughly 280 million barrels--is no longer required to meet US obligations under the 1974 Agreement on an International Energy Program. This oil could be sold as surplus government property, just as the United States has disposed of surplus stocks of other commodities in the past. Such sales would make a modest contribution to the country's debt reduction efforts.

More importantly, the surplus SPR stocks could be used to solidify support by reducing the likelihood of a significant oil price increase and the attendant threat of recession.

Presented by

How to Cook Spaghetti Squash (and Why)

Cooking for yourself is one of the surest ways to eat well. Bestselling author Mark Bittman teaches James Hamblin the recipe that everyone is Googling.

Join the Discussion

After you comment, click Post. If you’re not already logged in you will be asked to log in or register.

blog comments powered by Disqus

Video

How to Cook Spaghetti Squash (and Why)

Cooking for yourself is one of the surest ways to eat well.

Video

Before Tinder, a Tree

Looking for your soulmate? Write a letter to the "Bridegroom's Oak" in Germany.

Video

The Health Benefits of Going Outside

People spend too much time indoors. One solution: ecotherapy.

Video

Where High Tech Meets the 1950s

Why did Green Bank, West Virginia, ban wireless signals? For science.

Video

Yes, Quidditch Is Real

How J.K. Rowling's magical sport spread from Hogwarts to college campuses

Video

Would You Live in a Treehouse?

A treehouse can be an ideal office space, vacation rental, and way of reconnecting with your youth.

More in Global

Just In