Obama Talks Oil Economy Libya

Monday, March 14, 2011 - 8:00am

President says he'll open strategic reserves if necessary; says situation in Libya must change.

President Obama indicated Friday he is willing to take action to lower oil prices, but says that's not needed yet.

Gasoline is going up in price, but there's enough supply to fulfill demand.

New economic reports show retails sales posted their largest gain in four months, and were not dragged down by the pain at the pump.

"Here at home everybody should know that, should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the strategic petroleum reserve," he said.

There will be no change in policy about domestic drilling in the gulf or Alaska.

Gradually reducing demand is the president's goal, and he says we've already cut fuel use by seven percent.

In Libya, the plan is to cut off and isolate Moammar Khaddafy .

"We are slowly tightening the noose on Khaddafy," the president said.

Mr. Obama said a no fly zone is still possible.

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