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eymerich

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eymerich

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June 23, 2011, 10:59 a.m. EDT
White House: U.S. stands ready to do more on oil

By Steve Goldstein
WASHINGTON (MarketWatch) -- The U.S. stands ready to do more after tapping 30 million barrels of oil from the Strategic Petroleum Reserve and there will be a review after 30 days, senior administration officials told reporters on condition of anonymity. The move was made both to address the disruption of Libyan exports -- which they pointed out was greater than the disruption from Hurricane Katrina, the last time the SPR was tapped -- as well as in anticipation of increasing seasonal demand. The decision by the U.S. and other International Energy Agency countries was done after talks for "months" and was done to complement increasing production by Saudi Arabia and other Gulf countries, officials said. The officials said the move wasn't in response to the OPEC meeting, where member countries failed to reach agreement on supplies. The White House said it isn't targeting any particular price on oil.

White House: U.S. stands ready to do more on oil - MarketWatch
 
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