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OBAMA TAPS INTO U.S. OIL RESERVE TO LOWER FUEL COSTS

OBAMA TAPS INTO U.S. OIL RESERVE TO LOWER FUEL COSTS

President Obama is trying to reduce Americans' pain at the pump.

The commander-in-chief agreed Thursday to release 30 million barrels of oil from the country's strategic reserves, as part of an international effort to push gas prices down.

Tapping into the U.S. Strategic Petroleum Reserve will account for half of a 60-million barrel international infusion of oil planned to hit the world market over the next month.

"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," said Energy Secretary Steven Chu.

Authorities have said the turmoil in Libya has resulted in a loss of about 1.5 million barrels of oil a day.

The government has been cautious about using these oil reserves, about 727 million barrels stored along the Texas and Louisiana coasts. In the past, this oil has mostly been used in emergency cases, like hurricanes. (more)

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Article by ALIYAH SHAHID, The NY Daily News | Read full article here