Daniel Yergin, head of IHS-Cambridge Energy Research Associates, and colleague James Burkhard, said the move amounted to a backdoor attempt to boost the economy by providing a "tax cut" for consumers, in the form of lower energy prices.
Date: Jun 25, 2011
Category: Business
Source: Google
Yergin Says IEA Oil Release an Economic Stimulus, 'Tax Cut'
The release from emergency stockpiles of 60 million barrelsof oil, or 2 million barrels a day for 30 days beginning nextweek, follows a disruption in supplies from Libya and couldboost both consumer spending power and confidence, according toIHS-CERAs Daniel Yergin and James Burkhard.
"In the Middle East and North Africa, we're entering a period of what could be momentous change," said James Burkhard, managing director of global oil market at IHS Cambridge Energy Research Associates. "This is not going to resolve itself in a month or two. This environment is not going to dissipat