Exclusive: White House studying potential oil reserve release

[FarCenter]

The White House is "dusting off old plans" for a potential release of oil reserves to dampen rising gasoline prices and prevent high energy costs from undermining the success of Iran sanctions, a source with knowledge of the situation said on Thursday.

U.S. officials will monitor market conditions over the coming weeks, watching whether gasoline prices fall after the September 3 Labor Day holiday, as they historically do, the source said.

It was too early to say how big a drawdown would be from the U.S. Strategic Petroleum Reserve and, potentially, other international reserves if a decision to proceed was taken, the source said.

Oil prices have surged in recent weeks, with Brent crude prices closing in on $120 a barrel, up sharply from around $90 a barrel in July. The United States and other Group of Eight countries studied a potential oil release in the spring but shelved the plans when prices dropped.

http://www.reuters.com/article/2012/08/16/us-usa-oil-reserves-idUSBRE87F13T20120816

[Dkc05]

1. White House needs to do it so gas before the election drops below $3.00 a gal.

I bet this is a great move as it would instantly drop the price of gas a lot. perhaps getting below 3.00 a gallon this would be viewed by all as a positive move. It would help get votes for re-election.

[DJ13]

2. While I applaud the effort

Their time (and our money) would be better spent clamping down on commodity speculation.

[tridim]

3. Speculate on that, thieves.

Chess.

[Frustratedlady]

4. Obama needs to make some statement that the DOJ is investigating on oil speculation.

The last two times he did this, the price dropped almost overnight.

In fact, a couple cases could be brought to the MSM if they have them, and maybe that would make some of the others a little nervous.

The Koch bros. are probably the worst. JMVHO

[nc4bo]

8. +1. nt

[spanone]

5. i find it odd that gas prices dipped in the summer and are increasing heading into election

certainly not the normal pattern

[JaneyVee]

6. Koch Bros

[CabCurious]

7. Why must we continue to emphasize a scarce resource designed for panic?

Every day that we maintain our emotional commitment to the value of oil is another day we dig modernity's grave.

[taterguy]

11. Because no one wants to walk to work

For a variety of reasons

[Historic NY]

9. They had to regulate the sale to keep it from the ..

big oil companies thats just bought it up like crack the last time.

[cthulu2016]

10. If done before the election this would be incredibly corrupt. I assume it will not be done.

That said, the "lower gas prices fight terrorism" angle of saying it is reduce how much money Iran makes is quite good.

One thing I very much appreciate about Obama is that this sort of thing is not his style.