President Barack Obama sent a delegation of high-ranking advisers in secret to Saudi Arabia to pave the way for Thursday's surprise release of oil from strategic reserves, administration officials said.
Mr. Obama and his top economic and national security advisers began discussing how to cope with the economic impact of higher oil prices in late January, as U.S. gasoline prices began rising above $3 a gallon for the first time since 2008. White House officials became more concerned after civil unrest in Libya disrupted oil shipments from the North African nation in late February.
Libya was exporting about 1.5 million barrels a day of light sweet crude, mostly to Europe. The disruption of Libyan oil heightened concerns on both sides of the Atlantic, because it cut deeply into the thin margin by which supply exceeds demand in the world oil market.
Note EU-Digest: unfortunately the Wests unsatisfiable thirst for oil and their incapacity to get alternative energy resources up to speed is forcing them to sell their soul to the devil. Eventually they will pay the price for their shortsightedness. and greed.
For more: Before Oil Reserves Move, a Secret U.S. Delegation to Saudi Arabia - WSJ.com
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