White House: Oil reserves eyed as oil prices rise

March 7th, 2011 by Staff

www.kansascity.com – President Barack Obama’s chief of staff says the administration is looking at the nation’s oil reserves as it considers options for dealing with the spike in gas prices.

The price of a barrel of oil has passed $100. In the U.S., gasoline is averaging $3.50 a gallon.

Those increases come amid unrest in the oil-producing Middle East, particularly as rebellion rages in Libya.

“We’re looking at the options,” including drawing on the Strategic Petroleum Reserve, William Daley said. “It is something that only is done – and has been done – in very rare occasions. There’s a bunch of factors that have to be looked at. And it is just not the price.”

He told NBC’s “Meet the Press” that “all matters have to be on the table when … you see the difficulty coming out of this economic crisis we’re in and the fragility of it.”

The reserve contains 727 million barrels of oil.

One Response

  1. CocoLoco

    This won’t do a thing to bring down prices. The problem is not a lack of oil as a matter of fact we are drowning in the stuff and have no where to store anymore. We need to stop the rampant speculation by the Wall BS ST greedy bastages to bring down the cost of oil/gas. By the way who the hell gave Goldman Sachs and company the authority to determine what we should be paying for gasoline at the pump? Come on folks get off your butts and contact that lazy bought and paid for rep in DC and tell him his job is the line if he don’t stop these shenanigans!! Don’t request demand action!!

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