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Why suspension of SPR fill can lower oil prices

05/26/2008
“Extrapolation of this fall’s evidence could take prices as high as an unbelievable $120 if adult supervision is not brought to bear on DOE.”Consultant Philip K. Verleger Jr. issued that prophecy to two Senate subcommittees last Dec. 11. Since then, $120/bbl crude oil has become painfully believable.Adult supervision has arrived. Under bipartisan pressure from Congress, the Department of Energy on May 16 announced it is suspending by as much as 13 million bbl this year’s acquisition of crude for the Strategic Petroleum Reserve.Until now, the Bush administration had argued that 70,000 b/d or so of crude acquisition for the SPR couldn’t influence price in an 86...
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