The price of a barrel of oil has passed $100. In the U.S., gasoline is averaging $3.50 a gallon.
“We’re looking at the options,” including drawing on the Strategic Petroleum Reserve, William Daley said. “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.”
The reserve contains 727 million barrels of oil.
Strategic Petroleum Reserve: http://tinyurl.com/6h3h5v5