Obama Considers Tapping Strategic Petroleum Reserve as Oil Prices Back Over $100/Barrel
FREE Breaking News Alerts from StreetInsider.com!
StreetInsider.com Top Tickers, 10/27/2026
- Wall Street ends higher on revived AI momentum
- Meta's $97.5B AI money grab: why Zuckerberg is racing to raise cash before rivals
- Deutsche Bank’s Reid sees potential final dip this year before Santa rally
- UPS tops estimates as efficiency drive gains momentum
- GM to move stock listing to Nasdaq in November, shares gain
Tweet
Share
E-mail
On the heels of "one of the worst meetings" in OPEC history Wednesday, and amid mounting pressure to alleviate not only rapidly rising energy prices but also sky-high US debt levels, reports suggest President Barack Obama could be once again looking to tap the Strategic Petroleum Reserve.
White House spokesperson Jay Carney hinted at the possibility Wednesday, but noted such an initiative would only be undertaken if absolutely necessary.
The SPR was created back in 1975 and contains almost 727 million barrels of crude oil. If need the oil could be implemented into the market within 13 days.
Light crude July futures are currently trading up $1.15 or 1.14% to $101.89 per barrel.
White House spokesperson Jay Carney hinted at the possibility Wednesday, but noted such an initiative would only be undertaken if absolutely necessary.
The SPR was created back in 1975 and contains almost 727 million barrels of crude oil. If need the oil could be implemented into the market within 13 days.
Light crude July futures are currently trading up $1.15 or 1.14% to $101.89 per barrel.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Saudi Aramco offers spot oil to Europe after pipeline restart
- Netanyahu rejects reports of potential escalation with Iran before elections - AP
- UBS sees dip buyers stepping in to support gold at this level
Create E-mail Alert Related Categories
CommoditiesRelated Entities
Crude Oil, OPEC, Barack ObamaSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
