The hottest Obama plan to release oil reserves to

Obama's plan to release oil reserves to stabilize oil prices was opposed

Obama's plan to release oil reserves to stabilize oil prices was opposed

China Construction machinery information

Guide: U.S. President Barack Obama sought to stabilize oil prices by releasing strategic oil reserves, but the plan was opposed by his Asian allies and the head of the International Energy Agency (IEA). In the past two months, the crude oil futures price in the international market has increased significantly, and the Brent crude oil futures price in the UK North sea once rose

U.S. President Barack Obama sought to stabilize oil prices by opening the back of the tank and adding strategic oil reserves to the tank through release, but the plan was opposed by his Asian allies and the head of the International Energy Agency (IEA)

in the past two months, the price of crude oil futures in the international market has increased significantly. The price of Brent crude oil futures in the North Sea of Britain once hit the $120 per barrel mark, up about 30% from about $90 per barrel in July. In this context, the U.S. government has renewed the idea of releasing strategic oil reserves. White House spokesman Josh Ernest said on the 17th that using strategic oil reserves is "an open option"

the United States and other members of the group of eight considered the possibility of using that strategic oil reserve this spring, and then abandoned the relevant plan due to the decline in oil prices compared with the aluminum chassis previously used. At that time, the international oil price was about $120 per barrel. Now, the international oil price is close to the warning line of $120

the source pointed out that the White House raised the release of oil reserves again for two main reasons: first, the rise in oil prices may have an impact on the economy, and second, high oil prices may interfere with sanctions against Iran. In order to cooperate with the sanctions imposed by the United States on Iran, the European Union has fully implemented the oil embargo on Iran since July 1. Western sanctions against Iran have reduced the daily supply of crude oil in the international market by about 1million barrels. This is roughly equivalent to the oil supply gap caused by the war in Libya last year due to the following measures. After the closure of oil exports due to the Libyan war, the United States released 60million barrels of crude oil reserves jointly with other members of the IEA in June 2011. That was the third time in the history of IEA to coordinate intervention in the oil market

however, the main members of IEA have different attitudes towards the release of oil reserves. As energy prices are close to the highest level in history, Britain, France and other European countries support the use of oil reserves to control oil prices and promote economic growth. Japan and South Korea are firmly opposed, saying that oil reserves should be strictly controlled to deal with sudden crises

iea executive director Maria vanderhufen said on the 17th, "there is no reason to release (oil reserves) now. At present, the market is in sufficient supply." She said that IEA members had not discussed the issue. However, van der hoofen believes that the current strategic oil reserves of the United States exceed the 90 day level required by the IEA, so the United States can act alone. Van der hoofen said, "this oil is American and they have the right to use it to solve their own domestic problems."

it is still unclear whether Obama is ready to take unilateral action without sufficient support from the IEA. The source said that the United States may decide whether to regulate the market according to the oil price after the peak of summer auto oil consumption. If U.S. gasoline prices continue to rise before the presidential election in November, Obama, who is seeking re-election, may consider using strategic oil reserves to stabilize oil prices due to great pressure