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BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
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[quote:Anonymous Coward 1384522:MV8xNTM5MzU3XzI1NDExNzk3XzdDRUY0NTA4] “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.” Unrest in Libya means about 1.5 million barrels of oil per day are not entering the market, and the administration is worried about meeting demand in July and August. Earlier this month, OPEC countries failed to reach an accord to raise oil production targets. [/quote]
Original Message
The Energy Department says the U.S. will release 30 million barrels from the Strategic Petroleum Reserve, the Associated Press reports.
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