Obama and Cameron discuss possible oil reserve release

During a recent meeting, US President Barack Obama and British Prime Minister David Cameron found time to raise the prospect of releasing oil reserves in a bid to combat record oil prices.

Despite positive signs in the talks, a senior member of the Obama administration said, “No agreement was reached. We will continue to work together to address energy security and oil price issues.”

The threat that rising oil prices pose to a gradually recovering US economy is one that cannot be ignored, especially with the US presidential election fast approaching. Discussions on exactly how to solve the problem is to be solved could, however, take months.

A release of oil from the US Strategic Petroleum Reserve (SPR) would be the second release in the space of a year. Though likely to please many normal Americans, it remains move that is likely to anger Republican politicians who cite Obama’s policies as the cause for high oil prices at the pump.

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