On June 23, 2010, President Obama announced that the U.S. government planned to release 30 million barrels of oil from the Strategic Petroleum Reserve, about 5% 0f the total. The move was intended to offset the loss of global supply from Libya.
On the announcement, the price of oil futures dropped $4.02 a barrel to $91.30 by 1:45 PM EDT. On July 15, the price exceeded $97 a barrel. The benefit to American consumers was short-lived. Obama will get no political credit for this ostensibly political move.
On the announcement, the price of oil futures dropped $4.02 a barrel to $91.30 by 1:45 PM EDT. On July 15, the price exceeded $97 a barrel. The benefit to American consumers was short-lived. Obama will get no political credit for this ostensibly political move.
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