Oil prices climb back up after Obama taps reserve
July 1, 2011 - 8:49 am
According to CNBC data when President Obama announced he would tap the oil reserve the price of light crude was at $95.70, well off its $115 high on April 28.
On June 27, five days after the release, the price of crude continue its downward spiral settling to a low of $89.61. Since then, however, it has continued to creep up.
Today crude returned to $95.14 a barrel, virtually the same price the day before the oil release program began.
Most oil analysts believe tapping the federal reserve at best would temporarily reduce oil prices. But the presidential decree does help consumers during the high drive Fourth of July weekend…and it could improve the president’s popularity numbers too.