US to release 30m barrels of oil from strategic reserve

Energy Secretary Steven Chu in a March file photo Mr Chu pledged the US would take "additional steps" if necessary to address rising fuel prices

Related Stories

The US is to release 30 million barrels of oil from its strategic petroleum reserve as part of a global effort to reduce disruption to oil supplies.

Energy Secretary Steven Chu said the release of oil was in response to supply disruptions caused by unrest in the Middle East and North Africa.

Officials said the US reserve was currently at a historically high level.

US fuel prices have risen steeply during 2011, increasing domestic pressure on President Barack Obama.

"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 Mr Chu in a statement released by the White House.

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

The US energy department said the unrest in Libya has cost the global oil markets roughly 1.5 million barrels per day.

More on This Story

Related Stories

More US & Canada stories



  • Lucy FranklinDouble trouble

    'Rising house prices left me high and dry - twice!'

  • NS Savannah, 1962Nuclear dream

    The ship that totally failed to change the world

  • Ed Miliband takes a selfie at a Cambridge hairdressersNo more photo ops?

    Why is Ed Miliband drawing attention to his public image?

  • Espresso cup7 days quiz

    Which city serves the strongest cup of coffee?

  • Glasgow 2014 quaichs and medalsQuaich guide

    What do the Scottish gifts given to Games medallists symbolise?

BBC © 2014 The BBC is not responsible for the content of external sites. Read more.

This page is best viewed in an up-to-date web browser with style sheets (CSS) enabled. While you will be able to view the content of this page in your current browser, you will not be able to get the full visual experience. Please consider upgrading your browser software or enabling style sheets (CSS) if you are able to do so.