Following the ongoing surge in crude oil price mainly due to the turmoil in the Middle East in North Africa in the passing months, the President of the US – Barack Obama said yesterday that the US is ready to tap in the US’s oil reserves to deal with any disruption that might occur in oil supply. He also said that the Justice department will keep close tabs any evidence of a price hike in oil and gasoline.
Last week, gasoline prices in the US continue to soar and rose by 38 cent/g to reach over 3.52$ per gallon, the highest level in the past two years.
For more on this subject:
- Oil prices continue to fall | natural gas continues to zigzag – March 11
- Oil prices outlook– 11 March
- Obama Says U.S. Ready to Tap Oil Reserve If Needed, Warns on Price Gouging