Oil update

Posted on January 24, 2007 by Richard Beddard
Filed Under Investing |

Energy Secretary Samuel S Bodman announced President Bush’s intention to double the Strategic Petroleum Reserve yesterday. The oil price spiked the day after this blog predicted that was the only direction it could go^*. The SPR is the world’s largest supply of emergency crude oil buried in salt caverns along the Gulf coast. *[Lest hubris get the better of me I should explain that prediction was long-term and is therefore yet to be proven. It was also based entirely on hear-say!]

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