Matthew Hulbert, Forbes
Everyone has long suspected that the IEA is little more than a subset of the US State Department; the G8 communique released over the weekend confirmed it. After several warning shots issued in Washington and London this year, the Strategic Reserve will now be used whenever the G8 deems fit to ‘ensure the market is fully and timely supplied’ over Iran. Rather a drastic departure from the original economic purpose of the reserve to fill actual or imminent supply gaps in oil markets. What’s more, it’s a massive political mistake for the Paris based...
Everyone has long suspected that the IEA is little more than a subset of the US State Department; the G8 communique released over the weekend confirmed it. After several warning shots issued in Washington and London this year, the Strategic Reserve will now be used whenever the G8 deems fit to ‘ensure the market is fully and timely supplied’ over Iran. Rather a drastic departure from the original economic purpose of the reserve to fill actual or imminent supply gaps in oil markets. What’s more, it’s a massive political mistake for the Paris based...
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