Column: Despite fiscal cliff, U.S. should not sell SPR - Kemp
LONDON Thu Oct 4, 2012 9:44am EDT    "The sales will occur not
because prices are too high or too low, but rather because the
U.S. now holds more oil than required under International Energy
Agency (IEA) obligations," Verleger wrote. "Rising U.S.
production combined with falling use will make roughly 100
million barrels superfluous every year until 2020. This means
the U.S. government will be putting 200,000 barrels every day or
more on the market."  Facing the urgent need to cut government
spending or raise revenue, Verleger argues SPR sales will be an
irresistible target for the president and Congress as they
grapple with the budget deficit.  Based on the declining import
trend, Verleger estimates that the United States could cut the
amount of crude stored in the SPR from its current level of 696
million barrels to 630 million barrels by September 2013 and 530
million by September 2014, while still meeting its IEA
obligation to hold stocks equiv