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Obama taps US Strategic Petroleum Reserves

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  • Obama taps US Strategic Petroleum Reserves

    The Obama administration plans to release 30 million barrels of crude from its emergency oil stockpile as part of an international effort to put more oil in the market.

    The move comes as political pressure mounts on President Barack Obama to do something to arrest rising gasoline prices fed by unrest in Libya and throughout the Middle East. Western nations also have been frustrated by OPEC countries’ failure to raise production after a meeting earlier this month.

    “We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” Energy Secretary Steven Chu said in a statement. “As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary.”

    The release of oil from the United States’ Strategic Petroleum Reserve coincides with the release of 30 million barrels of oil from other members of the International Energy Agency over the next 30 days.

    Including the United States’ 30-million barrel contribution, 28 IEA member countries pledged to release a total of 60 million barrels of oil in coming months, according to Executive Director Nobuo Tanaka.

    “Today, for the third time in the history of the International Energy Agency, our member countries have decided to release stocks.” Tanaka said in a news release. “I expect this action will contribute to well-supplied markets and to ensuring a soft landing for the world economy.”

    U.S. officials said the release would help offset a loss of roughly 1.5 million barrels of oil daily — mostly light sweet crude preferred by refiners — tied to the unrest in Libya as Americans enter the heavy summer driving season.

    “We’re heading into a period in which demand for oil tends to be at its highest,” a senior administration official said during a conference call with reporters. “This release is intended to address an increase in demand, even as Saudi Arabia and (other) countries ramp up production over the remainder of the year.”

    The news immediately sent prices down for West Texas Intermediate crude, the U.S. benchmark. WTI futures were trading at $90.36 — down $5.05 — in early morning trading.

    The Obama administration plans to release 30 million barrels of crude from its emergency oil stockpile as part of an international effort to put more oil in the market. The move comes as political …

  • #2
    Re: Obama taps US Strategic Petroleum Reserves

    If you ask me Obama is getting desperate and he will do anything to be relected. However US unemployment is far to high and I'd say that the Republicans will win a lot of seats in congress if not the next US presidential election.

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    • #3
      Re: Obama taps US Strategic Petroleum Reserves

      I think the government is worried that US citizens might start rioting if they are left home on long weekends due to high oil prices so to curtail that inevitable event, they have to keep the citizens preoccupied.
      "Nobody can give you freedom. Nobody can give you equality or justice or anything. If you're a man, you take it." ~Malcolm X

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      • #4
        Re: Obama taps US Strategic Petroleum Reserves

        Originally posted by KanadaHye View Post
        I think the government is worried that US citizens might start rioting if they are left home on long weekends due to high oil prices so to curtail that inevitable event, they have to keep the citizens preoccupied.
        Well Americans have never had much of a social safety net and have little in the way of a public transport network.

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