U.S., World Will Release Oil Reserves

The U.S. is at the forefront of a new global effort to drive down oil prices around the world. The U.S. will take the rare step of releasing 30 million barrels of oil from its Strategic Petroleum Reserve, while other nations will release another 30 million barrels, an attempt to drive down energy prices that have trended upward since unrest in the Middle East, and in particular the civil war in Libya, have disrupted production. The deal was brokered by the International Energy Agency, which coordinated similar action during the 1991 Gulf War. Oil futures were initially down on the news.