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Spigots To Open on Strategic Petroleum Reserve

Much chatter about the opening of the Strategic Petroleum Reserve.

Obama announces he will release 30 million barrels over the next 30 days.

Says Energy Sec. Steven Chu:

“We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery,” Chu said. “As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary.”

Peak driving season is upon us, and this should help the situation vis-a-vis Libyan interruptions.

Oil futures immediately took a dive. Down to 91.02 on the NYMEX.

Saudi Arabia had already pledged to raise oil production this year following a failure of the Organization of Petroleum Producing Countries to raise group-wide output quotas.

“This was not really on anybody’s radar screen,” said Tim Evans, energy analyst at Citi Futures Perspective in New York.

Thank you election committee.

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