Obama Admin. to Release Oil from Strategic Petroleum Reserve

File photo. (Comstock/Thinkstock)(WASHINGTON) -- The Obama administration said Thursday it will release 30 million barrels of oil from the Strategic Petroleum Reserve "to offset the disruption in the oil supply caused by unrest in the Middle East."

The U.S. Department of Energy said, "The situation in Libya has caused a loss of roughly 1.5 million barrels of oil per day -- particularly of light, sweet crude -- from global markets. As the United States enters the months of July and August, when demand is typically highest, prices remain significantly higher than they were prior to the start of the unrest in Libya."

The department said the U.S. and its partners in the International Energy Agency will release a total of 60 million barrels of oil over the next 30 days.

"We are taking this action in response to the ongoing loss of crude oil due to supply disruptions in Libya and other countries and their impact on the global economic recovery," said Energy Secretary Steven Chu. "As we move forward, we will continue to monitor the situation and stand ready to take additional steps if necessary."

Copyright 2011 ABC News Radio

President Obama to Tap Into Strategic Oil Reserve?

ABC News(WASHINGTON) -- Skyrocketing gas prices apparently have President Obama quite concerned. White House Chief of Staff William Daley said Sunday that the administration is looking at all options to combat the issue, including tapping into the Strategic Petroleum Reserve (SPR) -- 727 million barrels stored away for an emergency.

“All matters have to be on the table when you go through, when you see the difficulty coming out of this economic crisis we're in and the fragility of it,” Daley said on NBC’s Meet the Press.

The national average for a gallon of gas is now $3.38.

“The president is extremely concerned about this,” Daley said. “Our economic team has been working with international organizations to make sure that we're coordinated.”

“The issue of the reserves is one we're considering,” he explained. “It is something that only is done, and has been done on very rare occasions. There's a bunch of factors that have to be looked at.”

Some drivers would like to see the government step in.

“It would be nice if there were reductions maybe, some gasoline taxes,” one driver told ABC News.

But others say the situation is far from dire.

“I think they've got to let the market work,” said another driver. “The strategic oil reserve is there for emergencies -- this is not an emergency.”

Oil analyst Robin West says this is not what the Strategic Petroleum Reserve was built for.

“It was really built to deal with interruption of supply,” West said. “I think that it would be a serious mistake to open SPR now.”

But Americans are being hit hard at the pump, with prices well over $4 per gallon in some areas.

“I need a break from these prices,” a Washington, D.C., driver said. “It's tough for families these days.”

Copyright 2011 ABC News Radio