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White House calls push for strategic oil reserve release ‘premature’
White House press secretary Jay Carney on Friday declined to say if a specific oil price would prompt a release from the Strategic Petroleum Reserve.
The White House is under pressure from several Democrats to release oil from the 727-million barrel reserve as energy prices rise alongside turmoil in North Africa and the Middle East.
Asked at what point the Obama administration would mull a release from the reserve, Carney replied:
“We don't have a number to tell you that drives those decisions. It’s premature to talk about that. What I will say is what I have said, is that we believe that the global system has the capacity to deal with major disruptions.”
“We are working with the [International Energy Agency] and oil-producing states to look at the options that are available if they become necessary,” he added aboard Air Force One, according to a White House transcript.
Oil prices climbed again on NYMEX Friday, settling at $104.42 per barrel. Oil prices are at their highest levels since September 2008.
Carney said President Obama is “very mindful” of the status of oil prices.
“He is concerned and understands the impact that elevated oil prices have on gas prices and therefore on the pocketbooks and wallets of Americans. And we’re monitoring that situation very closely,” Carney said.
