Obama to Release 30 Million Barrels of Oil from Strategic Reserve
The U.S. is releasing 30 million barrels of oil from the Strategic Petroleum Reserve as part of an international effort to make up for the loss in supply from the disruption in Libya’s production in the face of ongoing “kinetic military action,” the Energy Department announced Thursday.
The release coincides with another 30 million barrels to be released in the coming month from other nations in coordination with the International Energy Agency.
U.S. Energy Secretary Steven Chu said the SPR is currently at a record 727 million barrels in storage.
He said the situation in Libya — which the U.S. began bombing in March, but which has been under NATO control since May — has caused a loss of roughly 1.5 million barrels of oil per day — particularly light, sweet crude — from global markets.