Last Updated:October 22 @ 09:16 pm

White House considering releasing oil reserves in face of rising oil prices

By AP Staff

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.

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20 Comments

  1. longscoutComment by longscout
    August 18, 2012 @ 10:07 am

    “Looks good” but achieves nothing.

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    • lwessonComment by lwesson
      August 18, 2012 @ 10:36 am

      Oil is dumped on a World Market unlike OUR Natural Gas –so far–. Depleting our Strategic Reserve to do virtually nothing is a curious thing. This oil is for serious National emergencies. It is a back up fuel source for our Navy.

      Is this just an act of political desperation on Obama’s part? YES! It comes at our expense should a real emergency take place. Same old Obama. Humm? Talking of emergencies, Obama starting a war with Syria, or Iran for political gain is something to think about.

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    • MorganComment by Morgan
      August 18, 2012 @ 10:08 pm

      Of course Obama will try this. It’s an election year and he’ll do anything to try to fool the folks.
      Why doesn’t he open up and let the XL pipeline be built. Now THAT would make sense.

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    • capricorn1Comment by capricorn1
      August 19, 2012 @ 3:18 pm

      didnt china get the last release of oil from the reserve?

      face it the majority of our politicians especially democrats are filthy traitors.

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  2. middlegroundComment by middleground
    August 18, 2012 @ 11:24 am

    Asking the Saudis to pump more oil and releasing oil from the strategic reserve are both efforts to mask the rising cost of oil that is directly the result of the collapsing value of our dollar. This was the topic of a recent OPEC meeting and those attending were well aware of Obama’s policies of trying to devalue our currency and transfer wealth through the EPAs “Cap and Trade” policy. They just don’t want to pay for the stupidity of our voters and our government policies. Can you blame them?

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  3. longscoutComment by longscout
    August 18, 2012 @ 11:27 am

    middleground understands how it works.

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    Rating: 5.0/5 (3 votes cast)
  4. lwessonComment by lwesson
    August 18, 2012 @ 11:43 am

    Hopefully, our Natural Gas will not be worked out like this.

    The Saudis have also remarked that there is an overabundance of oil available. Of course they benefit greatly from the international market pricing, speculating.

    Canada supplies much of the imported oil to the US.

    Per OUR Natural Gas. Plans are slowly taking shape to turn NG into the same international commodity, like oil, via LNG tankers, that are increasing in numbers.

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  5. slickzipComment by slickzip
    August 18, 2012 @ 11:50 am

    What a stupid idea , just let the free market work oil compamies have well they can open up if ODUMBA gets out of the way ,,,,,,,,,,,,,,,,,,,

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  6. BarbComment by usa4ever
    August 18, 2012 @ 12:00 pm

    Less than three months ’til the election. 0bama’s hoping this will be a ‘vote grabber’. Why else would he do this now? This isn’t the first time gas prices have been this high during his administraion.

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    • spiritofalohaComment by spiritofaloha
      August 18, 2012 @ 7:31 pm

      Yep, I agree. and theBama promised $7 gas prices as a start, way back in his ’08 campaign. hopefully, people will be doing their homework this time and vote survival. Tell your friends to see 2012 The Movie (Obama’s Nation), we gotta spread the word in the next 60 days.

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    • MorganComment by Morgan
      August 18, 2012 @ 10:09 pm

      Bingo spiritofaloha. You nailed it.

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    • nickster99Comment by nickster99
      August 20, 2012 @ 7:29 am

      Been there, done that.

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  7. montie364Comment by montie364
    August 18, 2012 @ 12:11 pm

    Get this socialist *** out and start drilling our OWN oil ending our STUPID dependence on foreign oil.

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  8. wedeyComment by wedey
    August 18, 2012 @ 12:17 pm

    And that will last about 5 days or so. Even though I am paying more at the gas pump, I’m loving it. Maybe the American people will wake up and demand drilling, drilling, drilling. O has been in for almost 4 years and his plan of replacing oil has not worked. And it will never work until a private entrepreneur comes up with a better plan without government help and intrusion.

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  9. wedeyComment by wedey
    August 18, 2012 @ 12:17 pm

    Just another ploy before the election.

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  10. thomasjeffersonComment by thomasjefferson
    August 18, 2012 @ 12:46 pm

    What we need to do is build about six more oil processing plants.

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  11. longscoutComment by longscout
    August 18, 2012 @ 3:31 pm

    thomasjefferson has it right: for years now the tankers at sea have stacked up like the heavens around a major airport unable to land their product at a refinery…and we have lost a significant number of refineries, largely for silly reasons of political experience when ardent free market spokesmen have dealt with avid (look that word up) environmentalists, resulting in a public relations debacle for the free market ~ for _capitalism_! — the force that has freed more serfs and peasant from poverty and dependence than any other system the world has devised (that and to entrap/s them). I’ve had quite enough of it and will not swallow the swill.

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  12. Pingback: Latest House Oil Prices News : Oil and Energy News

  13. gimmesometruthComment by gimmesometruth
    August 20, 2012 @ 9:40 am

    Maybe Obamatundi can get his windmills to turn a little faster by sending some WH hot air across their blades.

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  14. mvotano58Comment by mvotano58
    August 20, 2012 @ 11:35 am

    He’s trying to create sitting ducks out of us and I don’t know about any one else but I believe that fool is going to get us all killed. Wait until the 99% realize that they will be supporting the rest of the world by the time he is done. They will welcome the 1% with open arms. Romney-Ryan 2012.

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  15. georgeaiComment by georgeai
    August 20, 2012 @ 1:13 pm

    We need to keep our oils to ourselvez, in case of emergencies. How will the police and fire department be able to catch crimnals and put out fires without oils?
    No, we should not take oils from our reserves. We need to keep it all for emergencies and so we won’t have to buy more oil from the Arabs.

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