1. Obama Administration Taps into Oil Reserves
On June 23rd, the Obama administration announced its plan to delve into the Strategic Petroleum Reserve and release 30 million barrels of oil over the next 30 days, constituting half of the 60 million barrels that the nations in the International Energy Agency plan to bring to market in the next month. ... "We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," said Energy Secretary Steven Chu. ... Since February, crude oil prices have stayed above the $100 a barrel mark,...
- Word Count: 1058
- Approx Pages: 4
- Has Bibliography
- Grade Level: Undergraduate