Thursday, June 23, 2011

U.S. Ready to Take More Oil Action If Needed, Official Says -June-23-2011--


U.S. Ready to Take More Oil Action If Needed,
Official Says 
June-23-2011--The US, after authorizing the release of 30 million barrels of oil from its emergency stockpile, is prepared to take additional action if needed to react to disruptions in world supplies, according to an Obama administration official. The decision to draw oil from the Strategic Petroleum Reserve, part of an international move to release 60 million barrels, was made after months of consulting with allies and oil-producing nations, according to officials, who briefed reporters on condition they not be named.  The authorized release of light, sweet crude represents less than 5 percent of the 727-million-barrel U.S reserves and will help meet U.S. summer driving demand, an official said. The first of the draw will be auctioned within 24 hours, the official said.
Obama Releasing 30M Barrels From US Oil Reserves
White House announces plan to tap oil reserve.
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