Tapping U.S. Oil Reserve Would Have ‘Short-Lived’ Impact, EIA Says
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Releasing oil from the U.S. government’s strategic reserve would have a “short-lived” impact on soaring fuel prices, according to the U.S. Energy Information Administration.
“Our analysis shows that it’s generally short-lived -- a couple of months -- and that typically the other dynamics in the market would overtake any decrease in price,” Stephen Nalley, EIA acting administrator, said Tuesday during testimony before the Senate Energy and Natural Resources Committee.