WHO is getting this oil, what price are they paying for it (current market value?), what is the cost to the American taxpayers (including the cost of replacing this to the Strategic Reserve)? We do not get our oil from Libya, Europe and the Far East are the main customers for Libyan oil. This will not lower fuel prices, it will not create any American jobs, all it does is lessen our preparedness for a real crisis that may occur. This is just another pathetic attempt to mollify the greed of corporate America and the gop / tea-baggers in congress in an attempt to get wall street to start spending the billions they have from continuing the bush tax cuts and stimulate the economy. When will the Obama administration learn that they are being played for fools, and the rich, corporate America, the banking-financial cabal and the gop & teabaggers will keep the nation wallowing in recession, taking everything they can get from you with no return for the nation, until Pres Obama is defeated in 2012?
By Associated Press
WASHINGTON — The Obama administration has decided to release 30 million barrels of oil from the U.S. Strategic Petroleum Reserve as part of a broader international effort to pump more 60 million barrels onto the world market over the next month.
U.S. Energy Secretary Steven Chu said the release of oil is a response to oil supply disruptions caused by turmoil in the Middle East and North Africa, including Libya.
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 have increased the cost of gasoline, contributing to an economic slowdown and putting increased political pressure on President Barack Obama.
Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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