Obama is Considering Tapping Strategic Oil Reserve
Oil prices are rising rapidly and something needs to be done…
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Oil prices are rising rapidly and something needs to be done.
The Obama administration is considering tapping strategic oil reserve to put an end to the skyrocketing oil prices.
Some Democrats are calling for opening reserve in Texas and Lousiana…
Obama administrations officials are careful about this and are watching the situation closely.
Nobody want to rush into a bad decision when it comes to oil market.
Strategic Petroleum Reserve was established after Arab oil embargo in the early seventies and was used only few times, usually because of the hurricanes.
Now, as the situation in North Africa and elswhere, especially Libya is becoming more complicated, oil price will probably become higher than ever.
But it is not only the price that will be affected if the government decide to tap into this reserve.
Uncertainity in the Middle East is the main reason for the oil market problems along with higher demand as many countries recover from the economic crisis of last few years.
President Obama is very concerned about this problem and will make neccesary decisions to make sure oil price doesn’t affect American economy.
It seems that the eyes of the world will be looking over the situation in the North Africa and the Middle East and every deccision will be made after careful consideration.