http://www.cnsnews.com/news/article/obama-ready-release-oil-petroleum-reserv
Obama Tapping Emergency Oil Reserve to Make Up for Shortage From Libya Thursday, June 23, 2011 By STAFF, Associated Press <http://www.cnsnews.com/image/obama-us-afghanistan-0> Obama US Afghanistan In this June 15, 2010 file photo, President Barack Obama speaks in Pensacola, Fla. (AP Photo/Charles Dharapak, File) WASHINGTON (AP) - Wary of a new surge in gas prices, the Obama administration has decided to release 30 million barrels of oil from the country's emergency reserve as part of a broader international response to lost oil supplies caused by turmoil in the Middle East and North Africa, particularly Libya. The release from the U.S. Strategic Petroleum Reserve will amount to half of a 60 million barrel international infusion of oil planned for the world market over the next 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 Thursday. The administration said the uprising in Libya has resulted in a loss of about 1.5 million barrels of oil a day. The release comes as the United States approaches a period of high energy use in July and August. High oil prices and the resulting increase in the cost of gasoline have contributed to an economic slowdown and have put increased political pressure on President Barack Obama. The government is wary of dipping into the petroleum reserve, releasing oil from it only in extreme cases, such as hurricanes, that affect oil supplies. The reserves -- 727 million barrels stored in salt caverns along the Texas and Louisiana coasts -- were created in response to the Arab oil embargo in the 1970s and last tapped in 2008 after hurricanes Gustav and Ike hit. Oil prices dropped Thursday after Federal Reserve Chairman Ben Bernanke warned that the U.S. economy was recovering more slowly than expected and after the International Energy Agency announced the release of 60 million barrels of oil. Retail gasoline prices in the U.S. dropped for the 20th consecutive day to $3.61 per gallon. [Non-text portions of this message have been removed] ------------------------------------ -------------------------- Want to discuss this topic? Head on over to our discussion list, discuss-os...@yahoogroups.com. -------------------------- Brooks Isoldi, editor biso...@intellnet.org http://www.intellnet.org Post message: osint@yahoogroups.com Subscribe: osint-subscr...@yahoogroups.com Unsubscribe: osint-unsubscr...@yahoogroups.com *** FAIR USE NOTICE. This message contains copyrighted material whose use has not been specifically authorized by the copyright owner. OSINT, as a part of The Intelligence Network, is making it available without profit to OSINT YahooGroups members who have expressed a prior interest in receiving the included information in their efforts to advance the understanding of intelligence and law enforcement organizations, their activities, methods, techniques, human rights, civil liberties, social justice and other intelligence related issues, for non-profit research and educational purposes only. We believe that this constitutes a 'fair use' of the copyrighted material as provided for in section 107 of the U.S. Copyright Law. If you wish to use this copyrighted material for purposes of your own that go beyond 'fair use,' you must obtain permission from the copyright owner. For more information go to: http://www.law.cornell.edu/uscode/17/107.shtmlYahoo! Groups Links <*> To visit your group on the web, go to: http://groups.yahoo.com/group/osint/ <*> Your email settings: Individual Email | Traditional <*> To change settings online go to: http://groups.yahoo.com/group/osint/join (Yahoo! ID required) <*> To change settings via email: osint-dig...@yahoogroups.com osint-fullfeatu...@yahoogroups.com <*> To unsubscribe from this group, send an email to: osint-unsubscr...@yahoogroups.com <*> Your use of Yahoo! Groups is subject to: http://docs.yahoo.com/info/terms/
