February 24, 2012 |
As rising gasoline prices threaten to put a drag on the already sluggish economic recovery, the Obama administration is leaving open the possibility that it could draw from the nation's emergency reserve in an attempt to reverse the trajectory. "There's a case for the use of the reserve in some circumstances, and we'll continue to look at those and evaluate that carefully," Treasury Secretary Timothy F. Geithner told CNBC on Friday. The secretary's hedged remarks echoed those coming from the White House all week, as gas prices surged amid market jitters over Iran's nuclear program.
June 24, 2011 |
A surprise move to tap government oil reserves could slash painfully high gasoline prices this summer and give the U.S. economy a much-needed boost, but the rare action underscores the challenge posed by the weakening recovery. The price of oil tumbled Thursday after the U.S. and other industrialized countries, citing the loss of oil from Libya, said they would release 60 million barrels of crude from emergency stockpiles and sell it on the energy markets over the next 30 days. Half of the oil is to come from the U.S. government's Strategic Petroleum Reserve on the Gulf Coast.
June 23, 2011 |
WASHINGTON -- The Obama administration announced Thursday that it planned to release 30 million barrels of oil from the Strategic Petroleum Reserve, as part of a coordinated international effort to drive down high crude prices and revive the flagging economic recovery in the world's most industrialized countries. The decision sparked a plunge in crude oil prices in the U.S. and Europe. Oil futures were down $4.02 to $91.39 a barrel at about 10:45 a.m. PDT. The price was down as much as $5.72 a barrel in earlier trading on the New York Mercantile Exchange.
June 13, 2011 |
Fears of another civil war are playing out in Sudan as troops led by President Omar Hassan Ahmed Bashir have overrun towns and attacked tribesmen loyal to the south around a contested border region of oil reserves and well-armed militias. Bloodshed and streams of refugees are a dangerous prelude to July 9, when southern Sudan, after decades of conflict that left more than 2 million dead, gains independence. The south will inherit the bulk of the nation's oil supplies and the incursions by northern forces appear to be part of Bashir's strategy to press the south for last-minute concessions.
March 11, 2011 |
WASHINGTON -- President Obama's news conference Friday was intended to reassure Americans about rising gas prices. But the disaster in Japan upset that agenda before it ever got going. And in time, it could also affect the Republican energy strategy on Capitol Hill. Obama pressed ahead with his prepared topic, saying that he was "confident about our ability" to fill in any potential gaps in the nation's fuel supply as a result of the instability in the Middle East, even as gas jumped to about $3.50 a gallon.
March 8, 2011
Whenever gasoline prices spike, it's a pretty good bet that politicians are going to propose tapping the Strategic Petroleum Reserve. This time around, the talk started with Sen. Jeff Bingaman (D-N.M.), chairman of the Senate Energy and Natural Resources Committee, who last week urged President Obama to consider selling oil from the reserve as a way to stabilize prices. Then on Sunday, White House Chief of Staff William Daley said on NBC's "Meet the Press" that the Obama administration is "considering" dipping into the reserve.