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Massachusetts professor says release of oil reserves won’t help gas prices

Boston University professor Robert Kaufmann says the pledge to release 60 million barrels from reserves won’t do much to ease prices at the pump.Kaufmann studies world oil markets and says even if the United States increased oil production, the nature of the global market for oil would not insulate consumers here from volatility.”This whole thing about energy independence is silliness,” Kaufmann says. ” “It doesn’t make a difference, there is basically one world price for oil.”Kaufmann said the 60 million barrels pledged to be released from reserves equals about a half-day consumption of oil around the world.

Boston University professor Robert Kaufmann says the pledge to release 60 million barrels from reserves won’t do much to ease prices at the pump.

Kaufmann studies world oil markets and says even if the United States increased oil production, the nature of the global market for oil would not insulate consumers here from volatility.

“This whole thing about energy independence is silliness,” Kaufmann says. ” “It doesn’t make a difference, there is basically one world price for oil.”

Kaufmann said the 60 million barrels pledged to be released from reserves equals about a half-day consumption of oil around the world.

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2022-03-02 21:33:00

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