United States To Release Emergency Oil Reserve To Cut Prices
The United States is set to announce a loan of crude oil from its emergency reserve on November 23, as part of a plan to cut energy costs. The action is intended to bring down increasing costs after OPEC and its allies turned down repeated demands from Washington to pump more swiftly to keep up with surging demand. A "swap" from the US Strategic Petroleum Reserve (SPR) will be disclosed soon.
Tags: United States, Crude Oil, oil reserve, Control Energy Corp, FUEL DEMAND
Courtesy: Reuters