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Report: Obama may release oil reserves

Friday, August 17, 2012

refinery

President Obama will consider releasing oil from the nation’s Strategic Petroleum Reserve if increased sanctions on Iran cause costs to rise, according to a report on Friday.

Officials have a plan ready if gasoline prices do not fall after Sept. 3, according to Reuters. Historically, gas prices drop after the Labor Day holiday.

Obama signed into law a broad range of new sanctions against Iran’s energy, shipping and insurance sectors last week. The new sanctions are intended to pressure Iran to abandon its nuclear program.

Over the past month, national gas prices have gone up nearly 30 cents, according to AAA’s Daily Fuel Gauge Report, to $3.71. Prices a year ago averaged $3.58, according to the report.

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