This is only the third time the U.S. has tapped the emergency oil reserve since its creation in 1973 in response to the Arab oil embargo. President George H.W. Bush authorized an emergency oil release during the first Gulf War in 1991, and President George W. Bush released 11 million barrels in 2005 after Hurricane Katrina, to help ease gasoline prices.
Move to Tap Oil Reserve Has Far-Reaching Implications
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