IEA to put Oil on the market

This will hopefully slow down prices a bit. The article says:

Germany, France, Italy, Spain, and Japan are expected to send the bulk of these supplies, mostly in the form of refined products, the energy secretary said.

That is good that the product is already refined into gas though. That way it will avoid the problem the 30 million barrels that are coming out of our reserve will have. That oil still needs to go into the production bottlenecks that the refiners are having. With less refiners because of Katrina it may not be much help to gas prices. This is certainly worring it it comes true:

In the wake of the storm, retail gasoline prices have soared above $3 a gallon for regular unleaded in many parts of the country, with rationing and shortages in areas of the Southeast served by Gulf Coast refiners. At least one analyst has predicted pump prices will hit $4 a gallon in the near future.

That $4 gas sounds pretty bad for the economy to me.