June 24, 2011 |
A surprise move to tap government oil reserves could slash painfully high gasoline prices this summer and give the U.S. economy a much-needed boost, but the rare action underscores the challenge posed by the weakening recovery. The price of oil tumbled Thursday after the U.S. and other industrialized countries, citing the loss of oil from Libya, said they would release 60 million barrels of crude from emergency stockpiles and sell it on the energy markets over the next 30 days. Half of the oil is to come from the U.S. government's Strategic Petroleum Reserve on the Gulf Coast.
June 23, 2011 |
WASHINGTON -- The Obama administration announced Thursday that it planned to release 30 million barrels of oil from the Strategic Petroleum Reserve, as part of a coordinated international effort to drive down high crude prices and revive the flagging economic recovery in the world's most industrialized countries. The decision sparked a plunge in crude oil prices in the U.S. and Europe. Oil futures were down $4.02 to $91.39 a barrel at about 10:45 a.m. PDT. The price was down as much as $5.72 a barrel in earlier trading on the New York Mercantile Exchange.
April 21, 2011 |
As gas prices across the nation inch higher, the Obama administration will investigate the energy markets for any evidence of manipulation of oil and gas prices through the formation of a new group, the Department of Justice announced Thursday. With the average price of a gallon of gas at about $3.84 this week, almost a dollar higher than a year ago, according to the Department of Energy, the Oil and Gas Price Fraud Working Group will search for incidents of fraud and collusion in addition to price manipulation.
March 8, 2011
Whenever gasoline prices spike, it's a pretty good bet that politicians are going to propose tapping the Strategic Petroleum Reserve. This time around, the talk started with Sen. Jeff Bingaman (D-N.M.), chairman of the Senate Energy and Natural Resources Committee, who last week urged President Obama to consider selling oil from the reserve as a way to stabilize prices. Then on Sunday, White House Chief of Staff William Daley said on NBC's "Meet the Press" that the Obama administration is "considering" dipping into the reserve.
March 3, 2011 |
As Republicans continue to cast about for ways to weaken President Obama in advance of next year's elections, it appears they believe they have found one solid line of attack: rising gas prices. The average cost of a gallon of gas has been rising over the $3 mark all year, hitting $3.39 this week. On Wednesday, the price for a gallon of crude oil surpassed $100 a barrel on the world markets. Unrest in the Middle East, particularly in the oil-rich state of Libya, as well as rising international demand, has many analysts believing gas in the U.S. could hit $4 a gallon by summer.
May 15, 2008 |
The Senate approved and sent to the White House legislation directing President Bush to temporarily suspend oil deposits into the government's Strategic Petroleum Reserve. Bush has refused to halt the stockpiling of about 70,000 barrels of oil a day, saying it was such a small amount that it could have no effect on the price of gasoline or crude oil. The Senate and House had approved the suspension Tuesday, but in different forms. The Senate approved the House bill by unanimous consent.