Report: Obama to press G8 nations to back oil release

Reuters, in a series of stories earlier this year, reported that U.S. officials have approached French and British officials about coordinating an oil release.

White House press secretary Jay Carney declined to comment on the report Wednesday.

“I have no comment on the SPR,” he said. “I have no information to impart on that subject.”

Asked if world leaders will discuss the SPR at the G8 summit, Carney said, “I think the global economy is on the agenda at the G8 and the global oil market is part of the global economy, but I don’t know that that issue is on the agenda.”

Recently, Obama has faced increasing pressure to rein in high gasoline prices and several nations have imposed bans on Iranian oil imports.

But oil prices fell to a six-month low this week, and gasoline prices have been dropping as well.

Gasoline prices surged to a national average of nearly $3.94 per gallon in early April, after months of steady increases. But prices have begun decreasing in recent weeks, dropping to a national average of about $3.73 Wednesday, according to AAA.

Obama released 30 million barrels of oil from the SPR last summer in order to make up for supply losses from Libya. At the time, administration officials said the supply losses were threatening the economic recovery.

The president tapped the SPR in conjunction with International Energy Agency nations.