IEA Announces Emergency Oil Stockpile Release; Oil Prices Drop

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#1 Thu, Jun 23, 2011 - 9:21am

Violent Rhetoric

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IEA Announces Emergency Oil Stockpile Release; Oil Prices Drop

From Bloomberg. So... what's the emergency? These guys long DUG and DTO?

By Tara Patel and Grant Smith June 23 (Bloomberg) -- The International Energy Agency announced that it will release 60 million barrels of oil from emergency stockpiles. The IEA has coordinated the use of emergency stockpiles twice since the agency was founded in 1974. The first occasion was during the 1991 Persian Gulf War, and the second when Hurricane Katrina damaged oil rigs and refineries in the Gulf of Mexico in 2005.

Edited by: Violent Rhetoric on Nov 8, 2014 - 5:06am

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Throughout history, poverty is the normal condition of man. Advances which permit this norm to be exceeded — here and there, now and then — are the work of an extremely small minority, frequently despised, often condemned, and almost always opposed by all right-thinking people. Whenever this tiny minority is kept from creating, or (as sometimes happens) is driven out of a society, the people then slip back into abject poverty. This is known as “bad luck.” ~ Robert Heinlein