Obama May Tap Oil Reserves

White House wants to reduce prices to help consumers, hurt Iran
By Kevin Spak,  Newser Staff
Posted Aug 17, 2012 1:19 PM CDT

(Newser) – Think the price of gas is getting too high? The Obama administration agrees. It's currently "dusting off old plans" to potentially tap the Strategic Petroleum Reserve, a source tells Reuters. Driving down the price of oil would help consumers and the US economy while also hurting Iran, ensuring sanctions are especially painful, the source explains.

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Brent crude is currently nearing $120 per barrel, up from $90 in June. The White House will watch the markets for a few more weeks before deciding whether to act—prices typically fall on their own after Labor Day. The administration also hasn't yet talked to its allies about a coordinated move, though the source notes that when similar plans were broached a few months ago, France, Britain, and Germany all seemed willing. (Read more strategic petroleum reserve stories.)

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