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
Friday.
"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."
