Price hike: US considers extracting oil reserves

WASHINGTON: The White House said on Friday that it was closely watching global oil prices, but there was no announcement yet on whether it would tap the ‘Strategic Petroleum Reserve’, only that it was an option. Speculation that President Barack Obama could release some of the US reserve has mounted as global oil prices have risen amid heightened speculation that Israel could mount an attack on Iranian nuclear facilities. “As we have said for some time, a release of the strategic petroleum reserve is an option on the table,” said White House Deputy Press Secretary Josh Earnest. He added that officials closely watched oil prices because of the ‘economic consequences for changes in that market and changes in the price.’

Published in The Express Tribune, August 19^th, 2012.