Obama’s Oil Release Seen Having Little Long-Term Price Impact
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President Barack Obama’s decision to tap into the U.S. Strategic Petroleum Reserve ahead of family road trips for the July 4 holiday probably won’t provide a long-term solution to high oil prices.
The International Energy Agency’s decision yesterday to release 60 million barrels of oil over the next month, half of it provided by Obama from the U.S. reserves, pushed the commodity’s price down as much as 6 percent.