BREAKING NEWS

As gasoline prices surge, US eyes oil reserve release

By REUTERS

FEBRUARY 29, 2012 01:04

WASHINGTON - The United States is considering a release of oil from its strategic reserves as one way to try to moderate the surging price of gasoline, Energy Secretary Steven Chu told reporters on Tuesday.

No final decision has been made on releasing oil from the US Strategic Petroleum Reserve (SPR), Chu said, noting the reserves are intended to be used during times of oil supply disruptions, such as those in Libya in 2011.

"We're very concerned about what's happening in Iran. So we're working with the IEA," Chu said outside a hearing on Capitol Hill.

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