Breitling Oil and Gas Morning Podcast #140 August 28th, 2012

The Obama administration is monitoring oil markets and a release from the nation’s Strategic Petroleum Reserve remains “an option that is on the table” if prices rise or supply is disrupted.

The administration discussed planning for using the reserve earlier this year when the average retail price of gasoline in the U.S. increased to almost $4 a gallon and the European Union prepared to impose a ban on Iranian oil imports.

Oil has climbed 3.4 percent this week on concern that Israel will strike to delay Iran from producing nuclear weapons and as the United Nations Security Council conceded it couldn’t stem the violence in Syria. The U.S. got 16.4 percent of its imported oil from the Persian Gulf in 2011, according to Energy Department figures.

Discussion about the reserve comes a sensitive time in U.S. politics as President Barack Obama runs for re-election against Republican Mitt Romney with the sluggish recovery as the central issue.

Comments are closed.