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June 24, 2011

U.S. to Tap Strategic Oil Reserve 
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The United States and other Western countries have agreed to tap their
oil reserves for only the third time in history. The U.S. International
Energy Agency will release around 60 million barrels over the next
month, half of that amount coming from the United States. Democratic
Rep. Ed Markey of Massachusetts called the move a signal to rival
oil-producing countries.

Ed Markey: "Because of the reduction in the amount of oil coming in from
Libya, because of the amount of oil that is now been taken off the
market in Yemen, this is the right time to strike — to make a
statement that we are not going to allow the markets to be disrupted.
And that's a statement — that's a signal to Iran, to Venezuela and
others that we are going to fight back — that they will not be able to
exploit this opportunity to hold prices high."



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