With Release Of Oil Reserves Expect Gas Prices To Creep Down
ST. CLOUD - President Barack Obama has decided to release 30 million barrels of oil from the U.S. Strategic Petroleum Reserve.
U.S. Energy Secretary Steven Chu said the release of oil is a response to oil supply disruptions caused by turmoil in the Middle East and North Africa, including Libya.
But, First Fuel Banks owner Jim Feneis doesn't believe it to be true.
Feneis says there is about $25-$30 worth of artificial fears built into the price of oil right now. And, while he says releasing oil reserves will bring down the price at the pump for consumers he says it will likely be short term.
High oil prices have increased the cost of gasoline, contributing to an economic slowdown and putting increased political pressure on President Barack Obama.