US to release 30 million barrels of oil from reserves

June 23, 2011 16:59

WASHINGTON - The United States Department of Energy issued a statement on Thursday that it will tap its vast emergency petroleum stockpile as part of global efforts to bolster tightening oil supplies.

The planned release of 30 million barrels of oil from the US's 727 million barrel reserve, about half of the 60 million barrels to be released globally, is equivalent to about a day and a half of total US oil consumption.

"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," US Energy Secretary Steven Chu said in a statement.

It typically takes about 13 days for oil from the reserves to reach the market once the order is issued.

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