Obama Considers Tapping Strategic Petroleum Reserve as Oil Prices Back Over $100/Barrel
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On the heels of "one of the worst meetings" in OPEC history Wednesday, and amid mounting pressure to alleviate not only rapidly rising energy prices but also sky-high US debt levels, reports suggest President Barack Obama could be once again looking to tap the Strategic Petroleum Reserve.
White House spokesperson Jay Carney hinted at the possibility Wednesday, but noted such an initiative would only be undertaken if absolutely necessary.
The SPR was created back in 1975 and contains almost 727 million barrels of crude oil. If need the oil could be implemented into the market within 13 days.
Light crude July futures are currently trading up $1.15 or 1.14% to $101.89 per barrel.
White House spokesperson Jay Carney hinted at the possibility Wednesday, but noted such an initiative would only be undertaken if absolutely necessary.
The SPR was created back in 1975 and contains almost 727 million barrels of crude oil. If need the oil could be implemented into the market within 13 days.
Light crude July futures are currently trading up $1.15 or 1.14% to $101.89 per barrel.
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