Michele Kearney's Nuclear Wire

Major Energy and Environmental News and Commentary affecting the Nuclear Industry.

Wednesday, July 13, 2011

IEA's Efforts to Ease High Oil Prices Fails

IEA's Efforts to Ease High Oil Prices Fails

In recent weeks, the International Energy Agency (IEA) decided to release 60 million barrels of member states’ oil reserves into the world market in what it called an effort to ease high oil prices.  30 million barrels came from the U.S. strategic oil reserves.  Two weeks later, very little has changed in the price of oil; but looking back a few months prior reveals the likely ulterior motive to releasing the reserves.
Prices for oil still hover around $100 dollars per barrel, and the attempt by the IEA and the Obama administration to somehow fix international oil prices with a measly
Read more...

No comments:

Post a Comment