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BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve

 
medfield
User ID: 1384522
United States
06/23/2011 09:48 AM
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BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
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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Anonymous Coward
User ID: 546759
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06/23/2011 09:49 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
.. Why?
Anonymous Coward
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Germany
06/23/2011 09:50 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
28 countries to release 60 mln barrels of oil to offset disruptions prompted by Libya war - IEA

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Anonymous Coward
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06/23/2011 09:50 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
30 or 60 million?
Anonymous Coward (OP)
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06/23/2011 09:50 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
“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.
Anonymous Coward
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06/23/2011 09:51 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
30 or 60 million?
 Quoting: Anonymous Coward 546759


nevermind. thx germany.
Gawain

User ID: 5367
United States
06/23/2011 09:53 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
U.S. money to help the failing Greek economy and now U.S. oil put into world reserves. Ah, IC why this is a good idea for those wishing for a new world order.
Anonymous Coward (OP)
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06/23/2011 09:57 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
The oil to be released is light sweet crude, similar to the type that Libya produces. The war in Libya since mid-March has been largely responsible for keeping about 140 million barrels of oil from international markets, according to government estimates.

The 727-million-barrel Strategic Petroleum Reserve was established after the 1973-1974 Arab oil embargo to provide presidents with an emergency response to similar disruptions in commercial supplies that threaten the economy and national security. According to the Department of Energy, it is the world’s largest stockpile of government-owned emergency crude oil.

In addition to the 1991 release, in September 2005 President George W. Bush ordered a drawdown after Hurricane Katrina disrupted oil supplies from the Gulf Coast region. The 1991 release was about 17 million barrels; the 2005 hurricane release was 21 million barrels.



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Anonymous Coward
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Germany
06/23/2011 09:58 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
More on oil: U.S. will release 30 million barrels from its Strategic Petroleum Reserve; rest to come from International Energy Agency - CNN


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Anonymous Coward
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United States
06/23/2011 10:41 AM
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Re: BREAKING NEWS: Energy Dept. to release 30 million barrels from Strategic Petroleum Reserve
Something's not right. Why can't they buy the oil they need with American tax revenues like they always do?





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