“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,” said Chu. “As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary.”
Energy Secretary Steven Chu announced Thursday that the U.S. and its partners in the International Energy Agency will release 60 million barrels of oil onto the world market over the next 30 days to offset the disruption in the oil supply caused by unrest in the Middle East. The U.S. will release 30 million barrels of oil from the nation’s Strategic Petroleum Reserve. The SPR is currently at a historically high level with 727 million barrels, according to the Energy Department.