Biz: Oil crisis: We’re dipping into the reserves due to Libya crisis
- 60 million number of barrels of oil the International Energy Agency plans to release from the strategic reserves, at the behest of the U.S. and 27 allies
- 2 million number of barrels that will see release each day for the first 30 days of the strategic release — the third release of its kind in 30 years source
- » Blame the conflict in Libya: The supply of crude oil has struggled in the wake of the instability in Libya, which cut off a key supply of oil and has had a bit of a ripple effect on gas prices. Other oil-producing countries chose not to boost their output of oil amid prices above $100 a barrel, which led to the current decision to tap into the strategic reserves. As you might guess, the stock market isn’t digging this news at all, and oil futures dipped over 5 percent in reaction to the news — still over $100 a barrel, though.