It would seem that barring the speculators from the trading floors for the summer would be a much more effective gov't action. Despite the dramatic language in this article, nobody with half a brain sees any shortage of oil in the marketplace. In the USA -- where we have public statistics -- the data shows massive imports, massive domestic production, massive inventories and reduced consumption. None of that is debatable or disputable.
Only in the twisted world of oil would an SPR release even be contemplated. It's all rather pathetic. The stupidity is boundless.
Does not look like the problem is oil, as this news came out some hours after the reuters article. The problem seems to be the refiners are not making enough gasoline? Can they ramp up? Or will they ramp up gasoline production?
"The U.S. EIA stated in its weekly report, U.S. crude oil inventories surged by 9.0 million barrels in the week ended March 30, significantly higher than expectations for a 2.2 million barrel increase."