Thursday, June 23, 2011

U.S., Other Nations Release Massive Amounts of Crude

Posted By on Thu, Jun 23, 2011 at 6:22 PM

The United States is poised to join other nations in the International Energy Agency in its biggest release of reserve oil in an effort to stabilize global economies. The sale of 60 million barrels of crude is only the third release of its kind in history. The IEA released oil in the early 1990s after Iraq invaded Kuwait and again in 2005 after Hurricane Katrina.

Half of this year's sale will come from U.S. reserves. The IEA is made up of two dozen countries. Sixty million barrels of crude would cover only what the world uses roughly every 16 hours.

The IEA and the White House said they were acting to increase the supply of oil available during the peak summer driving season. Prices at the pump have already fallen for 20 days in a row. They were down another penny Wednesday, to a nationwide average of $3.61 per gallon. The average price for unleaded in Idaho is $3.65 per gallon.

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