Source: http://www.thedetroitbureau.com/2011/06/feds-tap-oil-reserves-oil-prices-plunge/#more-40101
The Detroit Bureau - June 24, 2011
White House will release 30M bbls of oil from U.S. strategic reserves Effort to offset supplies lost due to Mideast turmoil Decision to tap federal oil reserves followed by a $5 gallon dip in petroleum prices Falling oil prices reaching average of $3.61/gal last week, 20th consecutive daily decline That is 21 cents below where fuel prices stood 1 month ago Travel dipped by 2.4%; 2nd monthly decline in a row, biggest drop since Feb of 2010 Uncertain how much impact the move will have Move equivalent of 2 days worth of oil consumption in U.S.; about 3 days of oil imports Tapping into emergency oil reserves eased upward price pressures in the past Oil prices had already been falling prior to announcement Critics point out reserves are intended for national emergencies, not as political tool Remains to be seen if impact will be more than short lived "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." -- Steven Chu, U.S. Energy Secretary