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ISSUED BY: GCIS Communications Command Center
SOURCE: Fox News
07March2011 7:00amEST
GCIS INTELLIGENCE UPDATE: The Obama administration is considering releasing oil from the Strategic Petroleum Reserve to help Americans facing a spike in oil prices as a result of unrest in the Middle East, Obama Chief of Staff William Daley said Sunday.
The administration is considering all options when it comes to preventing the U.S. economy from backsliding as a result of recent increases in oil prices.
"The issue of the reserves is one we're considering. It is something that only is done — and has been done in very rare occasions. There's a bunch of factors that have to be looked at. And it is just not the price," Daley said on NBC's "Meet the Press."
"I think there is no one who doubts that the uncertainty in the Middle East right now has caused these tremendous increases in the last number of weeks. … All matters have to be on the table when you … see the difficulty coming out of this economic crisis we're in and the fragility of it," he added.
Oil prices have skyrocketed in recent weeks, climbing to nearly $105 per barrel on Friday from about $90 one month ago. That puts the price of a gallon of gas at a national average of $3.50, according to AAA. (read full report)
"GCIS INTELLIGENCE UPDATE" is an intelligence briefing presented by Griffith Colson Intelligence Service, and provided to the public for informative purposes only. All subject matter is credited to it's source of origin, and is not intended to represent original content authored by GCIS, it's partners or affiliates. All opinions presented are those of the author, and not necessarily those of GCIS or it's partners.