Releasing Oil From the SPR - A Desperate Economic Fix as QE2 Comes to an End?

Releasing Oil From the SPR - A Desperate Economic Fix as QE2 Comes to an End?

from OilPrice.com Daily News Update by tverberg@oilprice.com (Gail Tverberg)

The International Energy Association (IEA) announced a plan on Thursday last week to make 60 million barrels of oil available to the market over the next month from the Strategic Petroleum Reserve (SPR), in response to the disturbance in supplies from Libya. Half of this oil is to come from the SPR of the United States; the rest is to come from SPRs of other members of OECD.
Both the amount and the timing of the release are strange. The amount of the release is equivalent to 2 million barrels a day. This is actually more than the Libyan disruption took off
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