The International Energy Agency is releasing 60 million barrels of oil — including 30 million barrels from U.S. reserves — into the world market over the next month in an attempt to tamp down rising gas prices.
The action will drain roughly 4 percent of the country's Strategic Petroleum Reserve, which Energy Secretary Steven Chu says is at a "historically high level" with 727 million barrels of oil.
Read More
Rising oil costs are threatening political gains President Obama made in recent months, with each uptick in pump prices increasing the likelihood that already uncertain voters will start blaming the president for the drain on their pocketbooks.
The political protests roiling oil-rich countries throughout the Middle East are starting to affect American consumers and could soon overshadow other, more positive economic news, including a recen
Read More
URL: http://www.sfexaminer.com/topics/oil-reserves
