The U.S. Chamber of Commerce is slamming President Obama's "ill-advised" decision to release 30 million barrels of oil from the Strategic
"The Obama Administration's decision to release oil from the Strategic Petroleum Reserve is ill-advised and not the signal the markets need," Karen Harbert, the president of the Chamber's Energy Institute, said in a statement. "Unrest in the Middle East is likely to continue for quite some time, so a temporary increase in supply is not a substitute for a long term fix."
Harbert said the reserve shouldn't be tapped in response to "politically
inconvenient high prices," but rather for true emergencies, an argument that Obama himself has made.
"Rather than dabbling around the edges, the Administration should take
steps to increase domestic production of oil - on and offshore, like the bill the House passed last night," Harbert said.
The administration announced that an more barrels would be provided by
global partners in the International Energy Agency.