In a surprise move today the IEA (International Energy Agency) decided to release 60M barrels of oil from the strategic reserve, 30M coming from the U.S. strategic reserve. This sent oil prices sharply lower to touch the $90 level, which is great for you H2 owners, but what’s the catch?
Usually oil from the SPR (strategic petroleum reserve) is supposed to be use in emergencies, like hurricane Katrina. Using the SPR to mess around with prices smells of desperation, but why?
Michael Krieger, enlighten us if you will: