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We just wanted to give you a little bit of perspective on the news that the IEA is releasing a bunch of oil to counteract tight supplies.That 60 million barrel oil release? It amounts to about 17 hours of global oil consumption, according to the IEA, which says the world consumes 84.2 million/day.
Sure, into a weak, jittery market that was already selling oil this morning, today’s news caused a bit of a jolt, but this really is a big, inconsequential waste.
The US alone, consumes 18 million barrels, so you have to figure that the 30 million barrels being released by the Strategic Petroleum Reserve doesn’t even get us two days worth of energy.
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