March 14, 2011
President Obama said on Friday that he is prepared to tap the U.S. Strategic Petroleum Reserve if needed to prevent any oil supply disruptions, even as oil prices slipped, news services reported. That statement was followed Monday by news that fuel prices have once again jumped.
The president — who also said he favored expanded domestic oil exploration — attributed the recent run-up in oil and gas prices to increased global demand, combined with uncertainty in oil markets due to political turmoil in North Africa and the Middle East, CNN reported on its website.“Everybody should know that, should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the Strategic Petroleum Reserve,” the president told reporters in Washington.
Obama did not specify what price level would trigger a release from the SPR, but said the U.S. and its allies would do what it takes “to make sure that oil supplies remain stable and that economic growth will continue,” CNN reported.
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Meanwhile, the Department of Energy reported Monday that diesel prices rose for the 15th straight week, rising 3.7 cents to $3.908 a gallon. The increase was lower than the double-digit gains of the past two weeks, but still pushed the average price closer to the $4 a gallon mark that it has already reached in some areas.
A gallon of diesel is nearly one dollar more expensive than it was a year ago, DOE said. Diesel prices have risen almost 75 cents since Thanksgiving and nearly 30 cents over the past two weeks.
Gasoline prices, meanwhile, rose 4.7 cents to $3.567 a gallon, the 14th increase in 15 weeks, DOE said following its weekly survey of filling stations
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