Factbox: Comments on release of oil reserves
Related Video
(Reuters) - The United States will release 30 million barrels of crude oil from its emergency reserves, part of an international response to concerns about disruptions to Libya's oil supply.
The International Energy Agency said on Thursday it would coordinate the release of 60 million barrels of oil from member countries, including from the United States' strategic petroleum reserve.
The world's largest emergency stockpile was designed to be used during severe supply disruptions, but Congress recently changed the law to allow releases when officials believe a major rise in oil prices could threaten the U.S. economy.
Here are some comments on the emergency oil release:
Steven Chu, U.S. Energy Secretary
"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. As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary."
Democratic Senator Jeff Bingaman, chairman of the Energy Committee
"This decision would have been more timely if made when the disruption in Libyan oil supplies first occurred. However, I hope it helps deflate speculative froth in the markets and further settles prices back to levels where most experts believe they should be."
Republican Representative Doc Hastings, chairman of the Natural Resources Committee
"The Strategic Petroleum Reserve is intended for situations when there's a dramatic supply shutdown, not to achieve short-term political gain...Rather than tap the SPR, weakening our domestic security should a real supply disruption occur, we should look to develop our true oil reserves in the Gulf, Alaska, the Outer Continental Shelf and our public lands."
John Kilduff, partner at Again Capital LLC
"The (IEA) move is significant, as it represents a reach by member countries for the remedy of last resort to high oil prices. Clearly, the energy price spike is being cited as the reason for the economic slowdown and this is a reaction to that. The Libyan outage provides good cover."
Karen Harbert, CEO of the U.S. Chamber's Energy Institute
"The Obama Administration's decision to release oil from the Strategic Petroleum Reserve is ill-advised and not the signal the markets need. Unrest in the Middle East is likely to continue for quite some time, so a temporary increase in supply is not a substitute for a long term fix."
(Compiled by Emily Stephenson; Editing by Lisa Shumaker)
- Tweet this
- Link this
- Share this
- Digg this
- Reprints
Among the charming chants the Short Bots are BOO’ing with today is the tried and true “Winner, Winner, Chicken Dinner,” to which I tried to reply and could not:
Absolutely the OPPOSITE, and you know it.
It’s the Bird Gamers who’ve been “chicken” and unable to stand on their own two feet – let alone on basic logic and rationality.
You made bleeping the Bird – and any other Birds around – the be-all and end-all of the Market in 2008, and you wiped out 1/3 of the wealth of America and Americans, by some calculations.
From the hands of Everyone into the hands of a (very) few Anointed Ones.
And now you’re given permission to do it again? That’s supposed to be reason for rejoicing – or reason for lamenting exactly which Anointed Ones we’ve allowed to be Anointed?
I’ve been extremely Brave, not Chicken – and you know it.
This entire little production has to do with the “Hate Flotilla” and Israel’s incredible reaction to it.
MPs! from Ireland and Sweden and various other countries participating. Nobel and Pulitzer prize winners participating, apparently. And the Israeli Navy says it’s going to prevent it at all costs?
This is going to be Kent State for the youngsters of today.
Just as I think the drone bombing of Yemen is going to turn into the bombing of Laos and Cambodia during the Vietnam War.
We have recreated the 1960s, complete with an income gap between a few obscenely rich and everybody else that makes the US rank below Cameroon and Guatemala in income inequality, according to a report out a few days ago.
The moves today are extraordinarily stupid!
And if you add to them targeting ME or the very few like me, who have exhibited great bravery by defying the DOGgie Script, you are turning a garden variety trading game into something literally horrid for the World Economy.
Let’s hope it’s a half-day wonder, and everyone is persuaded to come to their senses.
Among the charming chants the Short Bots are BOO’ing with today is the tried and true “Winner, Winner, Chicken Dinner,” to which I tried to reply and could not:
Absolutely the OPPOSITE, and you know it.
It’s the Bird Gamers who’ve been “chicken” and unable to stand on their own two feet – let alone on basic logic and rationality.
You made bleeping the Bird – and any other Birds around – the be-all and end-all of the Market in 2008, and you wiped out 1/3 of the wealth of America and Americans, by some calculations.
From the hands of Everyone into the hands of a (very) few Anointed Ones.
And now you’re given permission to do it again? That’s supposed to be reason for rejoicing – or reason for lamenting exactly which Anointed Ones we’ve allowed to be Anointed?
I’ve been extremely Brave, not Chicken – and you know it.
This entire little production has to do with the “Hate Flotilla” and Israel’s incredible reaction to it.
MPs! from Ireland and Sweden and various other countries participating. Nobel and Pulitzer prize winners participating, apparently. And the Israeli Navy says it’s going to prevent it at all costs?
This is going to be Kent State for the youngsters of today.
Just as I think the drone bombing of Yemen is going to turn into the bombing of Laos and Cambodia during the Vietnam War.
We have recreated the 1960s, complete with an income gap between a few obscenely rich and everybody else that makes the US rank below Cameroon and Guatemala in income inequality, according to a report out a few days ago.
The moves today are extraordinarily stupid!
And if you add to them targeting ME or the very few like me, who have exhibited great bravery by defying the DOGgie Script, you are turning a garden variety trading game into something literally horrid for the World Economy.
Let’s hope it’s a half-day wonder, and everyone is persuaded to come to their senses.
Follow Reuters