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« How Are Earnings Shaping Up? | Main | Crude Oil Bounce -- Thank You Mr. President »


Seems like an awful lot of traders disagree with the BOE since crude went up $2 after that release. :-)

I guess the real question is how much 100k barrels means as a proportion of total oil activity. My guess is not too much, but I'm hardly an expert.

Let's see. We subsidize big oil to produce it, then buy some production and put it back in the ground. Maybe if we just bought domestic reserves and waited until we needed it, it would equate to the same thing, but without the expense and futility of the exercise.
Also, 100k barrels a day translates to a refined 4.2 million gallons of gasoline a day or 126 mill gal / mo. i.e. put that against current stocks, and that is significant.

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