U.S. Ready to Take More Oil Action If Needed, Official Says
By Roger Runningen - Jun 23, 2011 11:39 AM ET
Bloomberg.com
The U.S., 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.
A tightening of global oil supplies is threatening to set back the U.S. and global economies. The U.S. Federal Reserve Board yesterday lowered its expectations for growth for the rest of the year, compared with April’s forecast. An administration official said the decision to release the reserve oil was made on concern that continued loss of production from Libya would have an impact on global growth.
Full story: http://www.bloomberg.com/news/2011-06-23/u-s-ready-to-take-more-oil-action-if-needed-official-says-1-.html
Gold is $1,581/oz today. When it hits $2,000, it will be up 26.5%. Let's see how long that takes. - De 3/11/2013 - ANSWER: 7 Years, 5 Months
| 
