The Strategic Petroleum Reserve Gambit | Why the IEA Reached for Its Biggest Oil Weapon Ever

Why the IEA Reached for Its Biggest Oil Weapon Ever The International Energy Agency has done something unprecedented. It has announced the largest coordinated release of emergency oil reserves in its fifty-year history—400 million barrels. This is the oil market equivalent of breaking the glass on every fire extinguisher in the building at once. And yet, oil prices have surged past one hundred dollars a barrel. Today we examine what this tells us about the severity of the current energy crisis, and why strategic reserves failed to tame a market in panic mode.

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