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Really interesting article, thanks. Is it better for policymakers to intervene using predictable rules (e.g. % global supply curtailed, % price movement and complete transparency over volumes held in reserve), or whether its better for them to act irrationally.

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It seems as though rule-based behavior would be preferable in the sense that it provides better long-term management of the supply (both of the SPR and of the commodity generally). However, this could potentially induce strategic behavior on the part of other market participants with knowledge of the rule. I'd have to think about this a bit before coming up with a confident answer.

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