Here is article by Poten & Partners weekly report on use of SPR Oil reserves for Political stunt / Price Control.
I have been looking at some other articles showing what bust this idea was – Crude was at $95 & went down to $91 for ~2wks but then came right back to $95 …… likely driven by speculators who probably also took options on all 30MM Bbls & made a $5/Bbl profit on a hedge.
The Poten article talks about this goes totally against purpose of SPR which is only for emergency use (especially during Gulf’s Hurricane Season!) & pushes into the realm of price control/fixing.
Don’t know if you noticed for most the time in June all major oil companies took price hit on their stock price as well.
Yes a very stupid political move that made guys causing price hike richer !!!
