The recent push to establish a strategic oil reserve is a much-needed solution that would have been timely about 20 years ago, when the country was flush with dollars, and several economists had floated the idea. Back then, the country was also dealing with record-high oil prices, but the ruling class decided that it was better to ride out the wave rather than build a buffer to protect the poor. This time around, policymakers have finally listened to the constructive criticism.

For years, the country has operated with dangerously thin buffers, and........

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