As Gas Prices Rise, Obama Preps to Use Oil Reserve

Ad Feedback

President Barack Obama said Friday he's prepared to tap into the U.S. oil reserve if global supplies continue to tighten.

Turmoil in North Africa and the Middle East as well as the massive earthquake in Japan continue to put a strain on international oil.

"Here at home, everybody should know that should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the strategic petroleum reserve," Obama said. "We're also using the resources at our disposal at the federal level to monitor any possible manipulation in the oil markets."

Currently, gas prices are hovering around $4 per gallon.

The White House said the U.S. must adopt long-term strategies to wean itself off foreign dependency.

Log in or create an account to post a comment.  


Are you seeking answers in life? Are you hurting? Are you facing a difficult situation?

Find peace with God, discover more about God or send us your prayer request.

Call The 700 Club Prayer Center at 1 (800) 823-6053, 24 hours a day.

A caring friend will be there to pray with you in your time of need.

CBN News

CBN News is a national/international, nonprofit news organization that provides programming by cable, satellite, and the Internet, 24-hours a day. Follow us on Facebook, Twitter, and Google+.