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Failure and Heroism at the IEA

ASPO USA, 18 July 2011

On June 23rd, the International Energy Agency (IEA) and the US government announced the intention to tap strategic petroleum reserves (SPRs) of the US and other countries, with an eye to reducing oil prices. The US was to provide 30 million barrels (mb) and other countries a similar amount, for a total draw of 60 million barrels. The market responded sharply, with oil prices falling nearly $6 / barrel within a day or two; the intervention appeared effectiv