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Rob Kirby: U.S. oil swap likely triggered plunge in prices
7:52p ET Wednesday, February 11, 2009
Dear Friend of GATA and Gold:
Rob Kirby of Kirby Analytics in Toronto, a consultant to GATA, discloses tonight in commentary posted at GoldSeek that the plunge in oil prices last year was probably triggered by oil swaps undertaken by the U.S. government, in which light sweet crude in the U.S. Strategic Petroleum Reserve was exchanged for oil of lower quality. This would be a surreptitious market intervention like that undertaken by the U.S. government with gold swaps. Kirby's report is headlined "Oh Yes They Did" and can be found at GoldSeek here:
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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