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Obama considers releasing from US strategic oil reserves – REPORT

Obama considers releasing from US strategic oil reserves – REPORT

Published: 17 August, 2012, 17:56

Tapping reserves could cause problems in the US itself, writes Reuters. The decision could spark criticism from Republicans who may see this as a political move to boost the chances of Democratic President Barack Obama in the November 6 election.

“I doubt there would be any moves to release oil supplies before the November Presidential elections. This is normally done in case of a military conflict and it is not in Obama’s interest to have a military conflict before the elections as it will have a negative impact on his ratings” Sergey Vahromeev, senior analyst from Metropol told RT.

The current US strategic reserves amount to 727 million barrels-enough for 37 days of the country’s current oil consumption.

Read more: http://rt.com/business/news/us-release-oil-reserves-945/



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