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Monday, March 7, 2011

Would tapping oil reserve HELP in wake of Libya?

Would tapping oil reserve help in wake of Libya?

"If the crisis escalates, some analysts see $4-per-gallon gas right around the corner, and that concern has the Obama administration considering whether to take the drastic step of tapping the nation's oil reserves.
"The issue of the reserves is one we're considering," White House Chief of Staff William Daley said Sunday on "Meet the Press." "I think there is no one who doubts that the uncertainty in the Middle East right now has caused this tremendous increase in the last number of weeks."
The U.S.-held emergency oil supply - called the Strategic Petroleum Reserve - contains 727,000,000 barrels of oil ... enough to supply the nation for several months.
Proponents say releasing oil from the reserves would calm spiking gas prices and limit the threat to the U.S. economic recovery. Critics say the oil reserves should be saved for a true emergency." 

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