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.
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.)