Breaking from CNBC's Becky Quick, via MSNBC's Daily Rundown, the US will be releasing 30 million barrels of oil from the strategic petroleum reserve, while
23 28 other countries of the IEA will release 30 million more barrels from their reserves, for a total of 60 million barrels.
Oil prices are currently plummeting as a result.
Let us hope this is a sufficient GFYS to greedy, destructive oil speculators everywhere. Cheney, Koch brothers, I'm looking at you guys.
Link to NYT article:
http://www.nytimes.com/...
(h/t gchaucer2 & jsfox)
UPDATE 1:
Oil price already down approximately 5% TODAY!!:
UPDATE 2:
From RhodaA in the comments:
And...
Today, after months of urging by U.S. Senator Maria Cantwell (D-WA), the Federal Trade Commission announced it would begin an investigation to determine whether skyrocketing prices at the gas pump are the result of market manipulation or other anticompetitive behavior. This marks the FTC’s first use of new authority authored by Cantwell, which makes it a crime to manipulate wholesale oil markets. FTC Chairman Jon Leibowitz announced the investigation in a letter and phone call to Cantwell today, saying that the Commission has authorized the use of ‘compulsory process,’ including subpoenas, to determine whether certain players are in violation of a the law.
http://www.thestatecolumn.com/...