Obama Releases Oil Due to Supply Disruptions

Thursday morning, the Obama Administration announced it was releasing 30 million barrels of crude oil from the Strategic Petroleum Reserve, and the price of crude on the futures market went down $5 a barrel. August benchmark crude was at $90.23 a barrel by 6:30 a.m. Alaska time, after bottoming out lower than that.

The President said he was releasing the oil because of supply disruptions in the Middle East.

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