After a spike in oil and gas prices since June, the White House is considering "dusting off old plans" to release part of the U.S. strategic oil reserves. The U.S. and other Group of Eight countries were considering such a plan in the spring to keep rising oil prices from deepening global economic problems and undermining the effectiveness of new sanctions on Iran's oil industry, but dropped the idea when prices dropped. "The logic behind a potential release in the spring is at least if not... more true today," the source said.
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