Georgetown Journal of International Affairs
2018 opened with the global oil price reaching its highest point since it crashed three years ago, topping $70 a barrel for most of January and early February. The price has since retreated to around $65 a barrel, but there are strong indications that oil will trade in a higher band this year than in the previous three. The US is also poised to emerge this year as the world’s top oil producer. In light of this change and other international energy developments, Washington should reevaluate some of its long-standing energy policies, including its maintenance of the Strategic Petroleum Reserve in its current form.