Trump authorizes release of oil from strategic petroleum reserve after Saudi attacks

Spencer Kimball. (2019, September 16). Trump authorizes release of oil from strategic petroleum reserve after Saudi attacks. Retrieved from https://www.cnbc.com/2019/09/15/
trump-says-he-has-authorized-release-of-oil-from-strategic-petroleum-reserve-if-needed-after-saudi-attacks.html
 

Date: 15 September 2019

Trump has authorized for our oil reserves to be utilized if needed in order to meet the demands of the market. He has also announced that he told agencies to expedite the approval of oil pipelines that are still in the permitting process. Before the attack, Saudi Arabia produced almost 10 million barrels of oil per day, 600,000 of which were imported by the United States. Aramco, the national oil company of Saudi Arabia, had to cut its oil production in half as a result of the attack, because Saudi Arabia houses the world’s largest oil facility and second-largest oil field. Prices of crude oil have increased by about 11-13%, and although Yemen’s rebels confessed to the attacks, Trump believes that Iran is responsible.

Similar to the first article, this one discusses the Saudi Arabia attack and the increases in oil prices. This is related to environmental science in terms of how the economy is affected by effects on the environment. Because Saudi Arabia’s production was cut in half after the attack, increasing prices was inevitable. However, Trump authorized the release of oil reserves as needed in order to prevent dramatic changes and to meet the demand on the market. This is big news because the United States keeps this oil reserve for emergencies such as this one.

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