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As imports wane, U.S. has room to cut strategic oil reserve

Posted on 09 May 2013

Is the U.S. holding too much crude oil in its rainy-day reserve? After the Arab oil embargo of 1973, the major industrialized nations agreed to build emergency stockpiles to guard against supply shocks and prolonged price spikes.
The U.S. and other major oil consumers pledged through the International Energy Agency to hold oil reserves in government or commercial hands equal to at least 90 days “cover” of net oil imports………………………………………..Full Article: Source


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