As Drilling Ban Continues Obama releases 30 Million Barrels of Oil from Reserves

U.S. 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.

 

17 responses to “As Drilling Ban Continues Obama releases 30 Million Barrels of Oil from Reserves

  1. Good Morning America

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  2. What the heck is a kinetic military action? And I don’t believe Obama has addressed congress at all about Libya, but instead went to the people last night during his speech–like any good little dictator. If I missed it let me know, but I don’t think he has paid any attention to the fact that the libya “kinetic military action” is against the constituon & now, the war powers act. Has he even responded to Boehner’s letter? I think he’s playing a game to see how much power grabbing he can do–and who will try to stop him.

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  3. Token appeasement, amounting to little more than window dressing!

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  4. Good Afternoon Freedom and Loopyloo………. he is pushing the limits of Power and calling their Bluff in Congress. America is in very serious trouble and 2012 may not get here soon enough.

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  5. I hear ya. I, too, am very concernted about something very big–like an economic collapse that would waylay the election.

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  6. He can use any number of thing at his disposal as we have already seen, ie, Swine Flu Pandemic, etc.

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  7. The strategic reserve was established to supply oil to the military to protect this country.
    SAC was established to protect America.
    This effort by Obama is laughable.
    We may as well have a high school kid running this country.
    This guy is an imbecile, incapable of his position.
    All the while preventing any company from drilling for our oil off our coasts, while giving Brazil 2 billion to drill in the gulf !

    What in the hell will it take to get rid of this administration ?
    A year and a half is a long time folks, and given the wimps in congress, it is a long, long time.

    TERM LIMITS, and make them retroactive. You served over two terms, bye bye !
    Who knows, it could happen. Vote the imbedded parasite out and clean the slate.

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  8. Pingback: As Drilling Ban Continues Obama releases 30 Million Barrels of Oil from Reserves (via Voting American) | YOU DECIDE

  9. The only oil Obama ever releases is Snake Oil.

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  11. Good Afternoon AFVET, Bob Mack and Strategic Petroleum. Great article you put up and I hope everyone here will visit your site.

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