US To Sell Strategic Oil Reserves For First Time In 24 Years
Investmentwatchblog.com
March 16th, 2014
WTF U.S. Selling Oil From Emergency Oil Reserves
http://www.reuters.com/article/2014/0…
The Obama administration plans to sell 5 million barrels, or less than 1 percent of the Strategic Petroleum Reserve, calling the move a test of the petrol distribution system. The last time this happened was in August 1990 before the first Gulf War.
“Due to the recent dramatic increase in domestic crude oil production, significant changes in the system have occurred — including pipeline expansion, construction of new infrastructure, reversed flow of existing pipelines and increased use of domestic crude oil terminals,” William Gibbons, the US Energy Department spokesman said in a statement.
The Rest…HERE
