When Bill Clinton released oil from strategic reserves in 2000,oil was a whopping $40 a barrel
The last time the US decided to embark on a major program to release oil from the Strategic Petroleum Reserve was in 2000, when President Bill Clinton, concerned about the price of oil going into the winter, opened up the spigots. The headlines from September 22, 2000 read “On the surface, the move looks defensible. Oil prices had soared to nearly $40 a barrel, up from $10 two years ago. America’s heating-oil stocks are indeed at perilously low levels. The first reactions overseas were favourable. European governments, just recovering from tumultuous protests over petrol prices, voiced their support. Even some … Read more