"With this book, Bob Vitalis tackles the geopolitical "truths" about oil: that US presence in the Gulf and our relationship with Saudi Arabia is necessary to stabilize an otherwise volatile market; that US oil independence is necessary to prevent foreign powers from controlling and limiting...

Persistent and significant privately-held stockpiles of crude oil have long been an important empirical regularity in the United States. Such stockpiles would not rationally be held in a traditional Hotelling-style model. How then can the existence of these inventories be explained? In the...