Giving itself a pat on the back for "serving the market by adding liquidity and bridging the gap...

Giving itself a pat on the back for "serving the market by adding liquidity and bridging the gap to additional" OPEC supplies, the IEA decides - for now - not to release any more reserves from oil stockpiles. Crude is about $4 higher/barrel since the late June action.

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Comments (3)
  • youngman442002
    , contributor
    Comments (5123) | Send Message
    It was a total failure and a boon to whoever bought it...and now they have to replace it with more expensive at "work"..and notice how they think they did a great job...raises for all I assume..
    21 Jul 2011, 09:21 AM Reply Like
  • Tony Petroski
    , contributor
    Comments (6356) | Send Message
    The New York Times is reporting that an anonymous reporter quoted an expert on the Obama administration as saying "there's still lots of oil to pump from the strategic reserve."
    21 Jul 2011, 09:31 AM Reply Like
  • kmi
    , contributor
    Comments (4758) | Send Message
    20-20 hindsight looks like the IEA sold at the bottom, that insiders knew it was coming and bought at the bottom, and that insiders have bought up the released oil just to take it off the market to help push the price up.


    Such a good idea to allow banks to speculate in oil, can't possibly see consumers getting hurt by these shenanigans, right?
    21 Jul 2011, 10:15 AM Reply Like
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