The United States is "carefully" monitoring
world oil markets and could tap its petroleum reserve if there are
changes in the market, Josh Earnest, a White House spokesman, said
"As we've said for some time, a release of the Strategic Petroleum Reserve is an option that's on the table," Earnest told reporters.
But he did not indicate any concrete plans, adding: "I don't have anything to announce further on that topic at this point."
In his bid for reelection in November, US President Barack Obama is keeping a close eye on energy prices because of their affect on the economy. Higher prices could increase unemployment that has stubbornly stayed above 8 per cent since he took office in 2009 - a level that usually spells doom for a president seeking a second term in the White House.
US petrol prices rose to nearly 1.06 dollars (86 euro cents) a litre after the European Union and US increased sanctions on Iran and its nuclear programme in recent months, but they have relaxed in recent weeks.
In May, Obama got backing at the G8 summit at Camp David for his initiative to release global oil reserves to help lower fuel prices.
While the G8 leaders stopped short of mentioning the release of reserves, they said they are "monitoring the situation closely and stand ready to call upon the International Energy Agency to take appropriate action to ensure that the market is fully and timely supplied."
Most Popular Stories
- Airport Garners Social Media Award
- Social Media Campaign Increases Organ Donor Registrations
- World Bank: Rich Countries Must Curb Emissions
- Intel Working on Smartwatch; Mum on Possible Apple Link
- Using Acids to Unlock Shale Oil OK, Regulator Says
- Patriots' Aaron Hernandez Questioned in Slaying
- Fed Will Keep Buying Bonds for Now; Markets Dip
- Banks Don't Follow Rules in Mortgage Settlement
- NHU, Canada College Partner on B.A. in Child Development
- Tea Party Wants to 'Audit the IRS'