White House Considers Tapping Oil Reserve

By: Associated Press Email
By: Associated Press Email

NEW YORK (AP) - A senior Obama administration official says the White House is considering a potential release of oil from the Strategic Petroleum Reserve.

The U.S. is monitoring gas prices to see whether they fall before making a decision, said the official, who requested anonymity because they were not authorized to speak publicly.

Gas prices in the U.S. have risen an average of 39 cents since early July, because of an increase in oil prices and refinery problems in some regions.

Benchmark crude is up 22 cents to $95.82 in midday trading in New York. It has gained three percent this week on positive economic data and a drop in U.S. oil supplies. It's up 23 percent since late June.

Brent crude, which is used to price international varieties, fell almost 2 percent.

(Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
KOLO-TV 4850 Ampere Drive Reno, NV 89502
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 166550916 - kolotv.com/a?a=166550916