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Energy error list longer after move to tap stored oil

07/11/2011
by Bob Tippee, EditorThe surprising June 23 announcement about release of strategically stored oil really shouldn't be surprising. Governments bollix energy all the time.Since the 1970s, signatories to an International Energy Agency sharing agreement have held oil in storage for use in emergencies.The system developed along with IEA in response to export embargos imposed for political reasons by Arab producers in 1973-74. Strategic inventories deter such mischief and buffer the market against sudden supply disruption.But the market needs some idea about the conditions under which hoarded oil will become available. The idea before the latest release was muddled at best. It's worse now.The ...
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