US And Others To Release 60 Million Barrels Of Oil From Strategi - Spokane, North Idaho News & Weather KHQ.com

US And Others To Release 60 Million Barrels Of Oil From Strategic Reserves

MSNBC.COM - The United States and other oil-consuming nations said Thursday they plan to release 60 million barrels of oil from government reserves over the next month in a bid to push down soaring energy prices.

The announcement had an immediate impact on global markets, pushing down the price of one benchmark grade of crude by $5 a barrel to about $109.

The consumer nations acted after OPEC failed to raise production at a meeting on June 8 and despite assurances from OPEC's biggest producer Saudi Arabia that it would lift supplies unilaterally.

"Greater tightness in the oil market threatens to undermine the fragile global economic recovery," the IEA said.

Half the oil will come from the U.S. Strategic Petroleum Reserve, said Energy Secretary Steven Chu, who cited political disruptions in the Middle East for the move.

"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 Energy Secretary Steven Chu.  "As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary."

The 30 million barrels is just a small fraction of the total 727 million barrels of oil in the SPR, a historically high level.

Overall the U.S. and IEA plan to release 2 million barrels per day onto the world market over the next 30 days, more than making up for the 1.2 million barrels daily that Libya was exporting before the current unrest.

Demand for oil is typically highest in July and August, peak of the summer driving season, according to the Energy Department.

  • Most Popular StoriesMost Popular StoriesMore>>

  • Air quality reaches hazardous levels in Spokane

    Air quality reaches hazardous levels in Spokane

    Sunday, August 19 2018 8:59 PM EDT2018-08-20 00:59:32 GMT

    SPOKANE, Wash. - Windy conditions and wildfire smoke have hit the Inland Northwest hard as air quality levels rose throughout the day, ending up in the hazardous range Sunday evening. Changes in wind direction have brought over more smoke to the area from wildfires around northern and central Washington, as well as from British Columbia. 

    >>

    SPOKANE, Wash. - Windy conditions and wildfire smoke have hit the Inland Northwest hard as air quality levels rose throughout the day, ending up in the hazardous range Sunday evening. Changes in wind direction have brought over more smoke to the area from wildfires around northern and central Washington, as well as from British Columbia. 

    >>
  • Exposed handlebar grip kills 6-year-old Pullman boy in bicycle crash

    Exposed handlebar grip kills 6-year-old Pullman boy in bicycle crash

    Wednesday, August 15 2018 2:13 AM EDT2018-08-15 06:13:21 GMT

    PULLMAN, Wash. - Six-year-old Denny Curran should be enjoying his last few days of summer before first grade. He should be teasing his brother, splashing in the pool, giving his parents a hard time about vegetables. Instead, Denny is dead, the victim of a horrific, freak bicycle accident that could happen to your child too. "Denny was an extraordinary child," his father Keith Curran told KHQ.

    >>

    PULLMAN, Wash. - Six-year-old Denny Curran should be enjoying his last few days of summer before first grade. He should be teasing his brother, splashing in the pool, giving his parents a hard time about vegetables. Instead, Denny is dead, the victim of a horrific, freak bicycle accident that could happen to your child too. "Denny was an extraordinary child," his father Keith Curran told KHQ.

    >>
  • Air quality worsening in Northwest as smoke returns

    Air quality worsening in Northwest as smoke returns

    Sunday, August 19 2018 5:50 PM EDT2018-08-19 21:50:40 GMT

    SEATTLE (AP) - Forecasters are warning of unhealthy air in parts of the Pacific Northwest as winds push smoke from surrounding wildfires into the region. The National Weather Service has issued air quality alerts for much of Washington state. The service says air quality in Western Washington is expected to worsen starting Sunday. Some improvement is expected by Wednesday. An air quality alert is also in place across Eastern Washington and North Idaho. 

    >>

    SEATTLE (AP) - Forecasters are warning of unhealthy air in parts of the Pacific Northwest as winds push smoke from surrounding wildfires into the region. The National Weather Service has issued air quality alerts for much of Washington state. The service says air quality in Western Washington is expected to worsen starting Sunday. Some improvement is expected by Wednesday. An air quality alert is also in place across Eastern Washington and North Idaho. 

    >>
HD DOPPLER 6i
/