BREAKING NEWS

White House consults experts as mulls tapping oil reserves

By REUTERS

SEPTEMBER 7, 2012 07:37

WASHINGTON - Obama administration officials met with a handful of oil market experts on Thursday as the White House considers the merits of another release of emergency oil reserves - potentially one much larger than the last.

The meeting, originally scheduled for August but delayed by summer vacations, did not center entirely on the Strategic Petroleum Reserve (SPR), according to non-government sources who attended the meeting.

Government officials did not reveal any plans they may be making to tap the SPR, but they did voice concern about tightening US fuel supply and sounded out the experts on how energy prices could behave in the coming few months under different scenarios, sources said.

The meeting was still read by some as a sign that President Barack Obama is intent on pressing ahead with an unprecedented second tapping of US government oil supplies.

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