Expect little from release of world oil reserves

posted by
June 28, 2011
Heartland Institute
by Jim Johnston  
Posted in Commentary

"Critics from around the world repeated the familiar refrain that the reserves are meant to replace a long lasting substantial supply gap, not a temporary small-scale interruption. But an attempt to freeze the world in place for a long period of time is a hopeless task that is destined to fail. All this seems to suggest that the releases were done for political reasons both in the United States and Europe. A look at the unused refinery capacity in the United States, reveals that only about 0.7 million barrels a day was idle of the 17.7 million capacity." (06/27/11)

 

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