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White House nixes tapping oil reserves
AFP
Published: Thursday July 10, 2008


The White House on Thursday rejected tapping the US strategic oil reserves as Americans face record high oil prices.

Reserves are "there to deal with threats to our oil supply, not to try to manipulate prices in the market," said Tony Fratto, a White House spokesman.

"I think most energy analysts out there would tell you that releasing oil from the SPR, especially saying it's just a limited supply, that it wouldn't have an impact on prices," Fratto added.

Gasoline costs an average 4.10 dollars a gallon (3.78 l) nationwide, according to the American Automobile Association.