On June 23, 2011, the International Energy Agency (IEA) announced plans to coordinate the release of emergency oil stockpiles in an attempt to offset an ongoing loss of crude oil production in Libya. In the six months prior, oil prices had jumped more than 20 percent, as political upheaval in Libya had prevented an estimated 132 million barrels of oil from reaching the market. IEA member country policymakers feared that high oil prices risked undermining a nascent global economic recovery. To combat that threat, twelve IEA member countries made roughly sixty million barrels of crude oil and refined oil products, such as diesel and gasoline, available to the market. The release, which the IEA referred to as the “Libya collective action,” lasted from July 23, 2011, until September 15, 2011. It was only the third time in its nearly thirty-year history that the IEA, which was founded after the 1973 oil crisis, has undertaken a coordinated release, though the United States has unilaterally re- leased strategic stocks on several occasions for reasons that include raising revenue and countering rising heating oil prices.