Heating oil reserve folly

US Pres. Bill Clinton's heating oil reserve for northeastern states addresses a genuine problem in an altogether improper way. It puts government in the middle of the oil market, where it always does more harm than good. And it reveals a breathtaking misunderstanding of the problem.The problem is, of course, that supply of oil products can barely keep pace with demand. Its scope is worldwide. This month's issue of International Energy Agency's Oil Market Report makes the point in an analysis with this headline: "What the world needs now: more product."Saudi Arabia's unilateral decision to raise production by 500,000 b/d will help. The increase will ease the price of crude ...

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