As Gas Prices Rise, Obama Preps to Use Oil Reserve

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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.

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