11 March 2011 19:32 [Source: ICIS news]
WASHINGTON (ICIS)--President Barack Obama on Friday said the ?xml:namespace>
In a White House press conference, Obama said that his administration was coordinating with allies about recent increases in the global price of oil, “and should the situation demand it, we are prepared to tap into the strategic petroleum reserve”.
The SPR is a series of underground storage caverns in which the federal government has over time deposited some 727m bbl of crude oil. The reserve was designed to provide oil when there are severe disruptions in global supply.
“We are confident of our ability to fill any potential gaps in our oil supply,” Obama said, but he declined to say what oil price level or
“What I want to communicate to the market,” Obama said, “is that we will do what we need to do, in consultation with our allies, to make sure oil supplies remain stable and economic growth can continue.”
“We are going to do everything we can to stabilise the market,” Obama added.
“If we see significant disruptions or shifts in the market that are so disconcerting to people that we think an SPR release might be appropriate, we will take that step,” he added.
He said that his administration has access to SPR resources “all tee-ed up”, meaning that bringing some of those reserves into the marketplace could be done relatively quickly in a matter of a few days.
Obama also said that the administration was monitoring
“The good news is that the global community can manage crises like this,” Obama added.
Paul Hodges studies key influencers shaping the chemical industry in Chemicals and the Economy
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