"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. He also said the U.S. will "monitor any possible manipulation in the oil markets'' and will ask the U.S. Attorney General and state agencies to monitor for potential [image-nocss] price gouging.
Obama convened the news conference Friday to address growing criticism from Republicans of his energy policies and calls from some Democrats to tap the Strategic Petroleum Reserve in an attempt to temper rising oil prices spawned by unrest in the Middle East and North Africa.
If a decision is made to open up the reserves, Obama said relief would come within several days. "We have it teed up," he said, according to the newspaper report.
Obama said his administration is looking at potential new oil development in Alaska and that he has ordered the Interior Department to look into unused leases the oil industry has on land and offshore. The president also said he is working with U.S. allies "to keep all options on the table when it comes to any supply disruptions."
He used the moment Friday to renew his call for Congress to pass stalled comprehensive energy legislation to insulate the U.S. from dependence on oil and overseas supply disruptions.
"We've been having this conversation for nearly four decades now. Every few years gas prices go up, politicians pull out the same political playbook, and nothing changes," Obama said. "I don't want to leave this for the next president."
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