RSS
U.S. considers releasing oil reserves
 
Skyrocketing gas prices in 2008: Some say the cost of fuel, which is climbing once again, could reach $5 per gallon in many parts of the country this summer.
Skyrocketing gas prices in 2008: Some say the cost of fuel, which is climbing once again, could reach $5 per gallon in many parts of the country this summer.
CC BY: Schill

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.

 

THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER

Subscribe to the Week