US to Halt Strategic Petroleum Reserve Purchases
Posted on May 16, 2008
From AP: US will stop sending oil into strategic reserves The Energy Department said it will not sign contracts for new shipments of 76,000 barrels of oil a day for the six-month period beginning July 1. ... The reserve is 97 percent full, holding 701 million barrels of crude. Although 76 thousand barrels is a small percentage of the 85 million barrels per day of world demand (about 0.1%), this could make some difference in the price because both the supply and demand curves for oil are very steep....
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crude , oil , petroleum default explanation
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