"Obama Considers Tapping Oil Reserve"

"The Obama administration is considering tapping the Strategic Petroleum Reserve in response to rapidly rising gasoline prices brought on by turmoil in the Middle East, the White House chief of staff, William M. Daley, said on Sunday.

'It's something that only has been done on very rare occasions,' Mr. Daley said on 'Meet the Press' on NBC, adding, 'It's something we're considering.'

Administration officials have sent mixed signals about the possibility of opening the reserve, which would add supply to the domestic oil market and tend to push down prices.

Energy Secretary Steven Chu said on Friday that the administration was monitoring prices, but he has been reluctant to endorse more aggressive steps."

Matthew L. Wald reports for the New York Times March 6, 2011.

SEE ALSO:

"Calls Mount to Tap U.S. Oil Reserves" (New York Times)

Monday, March 7, 2011