Obama Admin. to Release Oil from Strategic Petroleum Reserve
File photo. (Comstock/Thinkstock)(WASHINGTON) -- The Obama administration said Thursday it will release 30 million barrels of oil from the Strategic Petroleum Reserve "to offset the disruption in the oil supply caused by unrest in the Middle East."
The U.S. Department of Energy said, "The situation in Libya has caused a loss of roughly 1.5 million barrels of oil per day -- particularly of light, sweet crude -- from global markets. As the United States enters the months of July and August, when demand is typically highest, prices remain significantly higher than they were prior to the start of the unrest in Libya."
The department said the U.S. and its partners in the International Energy Agency will release a total of 60 million barrels of oil over the next 30 days.
"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," said Energy Secretary Steven Chu. "As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary."
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