According to reports, the Obama administration is debating whether to release oil from the Strategic Petroleum Reserve. A White House official revealed that the option of using the reserve remains under consideration, as an effort to curb rising oil prices. Rising oil costs threaten to increase the gas prices in both the U.S. and European Union, who both agreed to cut purchases of crude from Iran as part of sanctions against the Islamic Republic. The average price of a gallon in the U.S. of regular gasoline is $3.91, up from $3.58 a year ago. The high prices at the pump have become an issue in the election campaign, as President Barack Obama seeks a second term. Tapping reserves was a recently discussed by President Barack Obama and U.K. Prime Minister David Cameron earlier this month. France is waiting for a report from the International Energy Agency on inventories before deciding on making a move. Be sure to check back for updates, and as always, let us know what you think!
