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Uncategorized / oktober 27, 2017

An anonymous official at the Department of Energy roundly rejected this sort of speculation in March: the Department is “confident,” he said, “that, if needed, it could effectively react to a situation” requiring it to inject into the market the 4.25 million barrels per day of oil it claims it can.Michael Kors backpack He stressed that the department “conducts routine and thorough analysis of commercial distribution capabilities to ensure accurate assessments.”This rebuttal falls well short of what is needed to reassure the market that the SPR can do what U.S. officials have long said it can. If Washington is sincere about dispelling growing doubts, it needs to give traders more evidence than an unproven, anonymous “not so.” U.S. officials should investigate the issue via a test drawdown and sale, and publicly disclose their findings. If market participants harbor doubts about the flow capacity of the U.S. SPR, they may discount its ability to help offset any sudden supply shortages,Michael Kors backpack rendering it a less effective tool for calming the market.As any Saudi oil official knows, the market will remain skeptical of words until they are backed by actions. Greater transparency about the SPR’s capabilities, particularly in light of profound…