Telegraph
"To recap, on June 23, the US, alongside the 27 other members of the International Energy Agency, agreed to release 60m barrels of oil onto world markets. The US is supplying roughly half the volume from its 727m barrel-strong strategic reserve. The IEA described it as a way of making up for supplies lost to the fighting in Libya. Everyone else saw it as an attempt to push down crude and petrol prices in struggling western economies.
For The White House, it was an accurate diagnosis that rising petrol prices were proving a drag on an economy that, in the giddy days after Congress extended President Bush's tax cuts last December, many believed would enjoy growth of 4pc to 5pc this year. It was also an act of desperation. "
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