The United States is part of a larger international group that is tapping 60 million barrels of oil globally, with about half of that coming from U.S. strategic oil reserves.
The release of oil is to offset a disruption in supplies due to the current conflict in Libya and other oil-producing countries.
The price of oil is dropping on Wall Street, but expect the price at the pump — already on the decline — to continue to fall. The government hopes this will be a shot in the arm for consumers and businesses, but how much of a direct impact it makes on prices remains unclear.
The national average price of a gallon of regular unleaded gas is $3.61 today, according to AAA. That’s down 7 cents from last week and 21 cents from a month ago. Gas was $2.74 a gallon last year at this time.
Global Oil Reserves Tapped in Effort to Cut Cost at Pump (New York Times)