The Obama Administration announced last week that it is releasing 30 million barrels of oil from the nation’s Strategic Petroleum Reserve (SPR). In total, the U.S. and its International Energy Agency partners are releasing 60 million barrels of oil over the next 30 days to offset the disruption of the oil supply caused by the unrest in the Middle East.
Appearing on Greenwood affiliate WLMA, 3rd District Congressman Jeff Duncan says he is concerned about the move. Duncan says he hopes the Obama Administration will now get serious about allowing more drilling off the nation’s coasts. Duncan says he is a strong proponent of more domestic drilling as a way for the country to end its dependence on foreign oil.
According to the U.S. Energy Department, the SPR is currently at a historically high level with 727 million barrels. The move comes as retail gasoline prices dropped for the 20th consecutive day, down a penny from Wednesday, to $3.61 per gallon, according to the AAA Daily Fuel Gauge Report. That is about 21 cents lower than a month ago.
Audio courtesy of WLMA in Greenwood