Saturday, January 3, 2009

Our Government is buying oil for the SPR again

With all the bellyaching from Saudia Arabia, we should of guessed it wouldn't take long before our Government would start filling up ther Strategic Petroleum Reserve again.

So they are.

They will start with 12 million barrels to replace that which was used during the hurricanes, and the SPR has authorization for another 25 million barrels later this year.

So oil, which moves on buying on the margin, won't revisit the lows it made the last week of December.

No comments: