Tags: Obama | Petroleum Reserve

Obama Still Considering Tapping Petroleum Reserve

Wednesday, 08 Jun 2011 05:46 PM

WASHINGTON — The White House says President Barack Obama is keeping open the option of tapping the U.S. Strategic Petroleum Reserve if necessary.

Obama spokesman Jay Carney says no decision on whether to open the reserve has been made. Obama said earlier this year that a plan to open the reserve is ready and could happen quickly if he called for it.

The White House says the reserve is designed to deal with disruptions, not short-term fluctuations.

Conflict in Libya has accounted for the daily loss of 1.6 million barrels of oil form the market. The Organization of the Petroleum Exporting Countries unexpectedly decided Wednesday to leave its production levels unchanged, causing oil prices to jump.

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