U.S. to release oil from strategic reserve
June 23rd, 2011
10:08 AM ET
3 years ago

U.S. to release oil from strategic reserve

New York (CNNMoney) – The U.S. Department of Energy said it will release 30 million barrels of oil from the Strategic National Reserve to alleviate Libyan oil supply disruptions, in the midst of already-plummeting oil prices.

The U.S. release is part of a 60 million barrel increase in supply announced Thursday by the International Energy Agency, which includes the U.S. as one of its 28 member nations, "in response to the ongoing disruption of oil supplies from Libya."

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Filed under: Energy • gas prices
soundoff (4 Responses)
  1. Four and The Door

    The bottom just dropped out of Obama's loyalty to developing clean energy. I guess this means he has taken a huge shift in his Administration's main strategy and energy policy?!?! Okay, for this week. After next week's polls, it may change again.

    June 23, 2011 10:53 am at 10:53 am |
  2. The Elephant In The Room

    Partisan Republican critics were yammering on about the President being responsible for higher gas prices. We all heard it – - "prices have doubled since he took office" – - or "the era of $4 gas is here to stay".

    Well, the FACTS are that oil is below $100, no, $95/bbl and that gas prices have been in a decline in each of the past 4 weeks. Too bad, NBC nightly news isn't reporting on that. The truth is the rise in oil prices had nothing to do with President Obama and, thus far, the reduction has little to do with him except for his efforts to curb speculative buying of gas futures.

    This release of oil from the Strategic Petroleum Reserve is a lever that the President can pull and we'll see what further impact it has. More supply should push PRICE PSYCHOLOGY in a direction more favorable to consumers and add momentum to reduced gasoline prices.

    The bigger things that a President can do that impact gas prices are longer term. Unfortunately, in our ADD-media-culture, people can't maintain their focus and support for very long. I'm glad we have a President with the confidence and conviction to do the "blocking & tackling" that makes the difference. For example, he mandated HIGHER car mileage standards despire howls from his opponents. Actions like that will pay dividends for the long term

    June 23, 2011 10:55 am at 10:55 am |
  3. terry,va

    This is one of the dumbest things Obummie and his band of fools have done in their 2 plus years of ruining this country. The price of oil/gas has fallen dramatically over the past several weeks. Sure it is still a dollar per gallon higher than this time last year but if Obummie was going to do this he should have done it weeks ago. This is another political ploy to try to take the sting away from more unemployment claims, failed housing market, failed stimulus policies that have put this country on the brink of bankrupcy. Meanwhile Obummie is out campaigning with liberal idiots that will pay $35,000 a plate to see the fool.

    Mark my words, the release of this oil will not have more than a few weeks of gas price reduction with the cost of gas to go back higher than it is today. Also mark my words that the economy will not improve until their is another President in the White House.

    June 23, 2011 10:55 am at 10:55 am |
  4. Fair is Fair

    The strategic reserve is supposed to be used for times of national emergency or drastic cuts in supply.

    I must have missed it – what's the national emergency? Oh yeah... falling presidential poll numbers.

    June 23, 2011 11:48 am at 11:48 am |