Oil Prices Blamed on U.S. Crude Reserve Buildup

Did the Bush administration's move in August to resume filling the Strategic Petroleum Reserve—taking off the market a crucial amount of favored light, sweet crude supply—trigger one of the largest oil price run-ups in history? One leading petroleum economist, Philip Verleger, thinks there is no other plausible explanation why oil rocketed from the low $70s to almost $100 per barrel in November.
Published On:	12/12/2007
Submitted On:	8/31/2008 12:44:43 PM by Picka
Categories:	Business and Economy & Energy Independence

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