CHICAGO area residents may have a reason to celebrate when it comes to gas prices. President Obama is expected to hold an emergency news conference this morning to announce the White House will release 30 million barrels of oil, from U.S. Strategic Petroleum Reserves. News reports suggest with this release gas prices are expected to drop at least 10-15 cents per gallon quickly.
During the month of June gas prices had already began to drop, but this would cause them to decline even further. Analyst say the disruption and crisis in Libya and the middle east made this move necessary. Chaos in that part of the world has caused the middle east to reduce production; analyst claim by about 1.5 million barrels per day.
In addition to the U.S. release, the International Energy Agency will also release 30 million barrels of oil from reserves to stabilize world energy markets.
Let’s hope this happens quickly. I am still trying to figure out why Chicago has the highest gas prices anyway!