March 27, 2014

US Mulls Sale of Crude Oil Reserves to Punish Russia For Crimea Annexation

Source: International Business Times

Journalist: M Rochan

As the US and its European allies seek to punish Moscow for annexing the Crimea region of Ukraine, America could push down global oil prices by as much as $12 a barrel by selling 500,000 barrels a day from its strategic reserve.

America's emergency stockpile of oil stands twice as large as the amount required by an international agreement. US business leaders including George Soros have proposed tapping some now to rebuke Russia and US lawmakers are contemplating a sale.

The lower prices would cost Russia about $40bn in lost income from oil and gas sales, or equivalent to 2% of its economy, said Philip Verleger, a consultant who worked in the Ford and Carter administrations.

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  • Elizabeth Rosenberg

    Former Senior Fellow and Director, Energy, Economics and Security Program

    Elizabeth Rosenberg is a former Senior Fellow and Director of the Energy, Economics, and Security Program at the Center for a New American Security. In this capacity, she publ...