This week the International Energy Agency coordinated a big release of national oil reserves for many large countries. The United States chipped in a majority with 30 million barrels being taken from our supply. The idea is that increasing the supply of oil should drop prices down. The move has caused a bit of controversy, considering oil prices were already on their way down, not up. It is too soon to tell if this will have a significant impact of the cost of gas for the average consumer or business.
While you contemplate how much money is tied up in 30 million barrels of oil, check out these great personal finance articles:
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Free From Broke was featured in the following carnivals this week:
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Carnival of Wealth #43 – June 19 2011 Edition — Personal Dividends – Money+Lifestyle
Yakezie Carnival – Happy Father’s Day Edition
{ 8 comments… read them below or add one }
Thanks for the mention!
You’re welcome Evan.
I appreciate the link.
My pleasure to include it.
Well though the releasing of 30 million barrels of oil may do alot in the short term I doubt that it will do much after that.
Great mentions. I don’t know what releasing 30 million barrels will do in the long term either–especially as you said oil prices are already dropping. I guess we’ll see!
Ya I know, it seems a little useless in the long run. Though I have heard the theory that it was done as a sort of pre-election act by Obama to help create some good pr. Now I’m not a political analyst but that does sound like a probable reason to me.
Thanks for including me in this great round-up!