Tags: Obama | Cameron | oil | reserves

Obama Discussed Tapping Oil Reserve With UK’s Cameron

Thursday, 15 Mar 2012 09:01 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

President Barack Obama discussed a release of oil from the U.S. strategic reserve during his meeting in Washington on Wednesday with Britain’s Prime Minister David Cameron, a U.K. official with knowledge of the talks said.

The leaders spoke on the issue without reaching a decision, according to the official, who asked not to be identified because the information isn’t public.

Democrats in Congress have urged Obama to use the oil stockpile as gasoline prices have risen amid the standoff with Iran over the Islamic republic’s nuclear program. Regular gasoline at the pump, averaged nationwide, has increased 7.2 percent from a year ago, according to AAA data. Brent crude, the benchmark grade for U.S. imports from Europe and Africa, has climbed 15 percent in the past 12 months.

The United States has used its reserve 18 times since 1985, including in 2008 after hurricanes struck the Gulf Coast. It was last tapped in July and August 2011 under an International Energy Agency effort to ease shortages of Middle East supply.

U.K. Chancellor of the Exchequer George Osborne said on Wednesday that rising oil prices are something “all economies will be concerned about.”


© Copyright 2014 Bloomberg News. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
You May Also Like

Voters to Obama: Stay Off the Campaign Trail

Tuesday, 29 Jul 2014 07:40 AM

President Barack Obama should stay off the campaign trail if Democrats are to hold on to their seats in the House in Nov . . .

Study: 35 Percent of Americans Facing Debt Collectors

Tuesday, 29 Jul 2014 07:15 AM

More than 35 percent of Americans have debts and unpaid bills that have been reported to collection agencies, according  . . .

Economist Peter Morici: Real Unemployment Rate Is at Least 18%

Tuesday, 29 Jul 2014 06:59 AM

The jobless rate may be down from its recession peak of 10 percent, but much of this results from adults, discouraged by . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved