Pinch At The Pump

Monday, March 7, 2011 - 9:46am

With gas prices rising, the federal government considers tapping strategic reserves.

The White House is looking at doing something dramatic to relieve the high gas prices we've seen creeping up with the violence in the Middle East.

They're thinking about tapping into the nation's oil reserves.

The idea is if we use more of what's already stored here in the U.S., that's less expensive oil we need to buy from overseas.

The U.S. has 727 million barrels of oil stored underground along the gulf coast.

With gas averaging $3.50 a gallon, the White House is considering using some of the reserve oil to keep prices from getting worse.

"It is something that only is done, and has been done in very rare occasions," said William Daley, white house chief of staff.

Some say it’s not a good idea.

"What we need to do is find more of our own energy and that means explore offshore," said Senator Lamar Alexander of Tennessee.

Why is gas so high?

Worldwide demand is up.

And fighting in the Middle East is fueling fear that's raised oil prices over 100 dollars a barrel.

As a result, gas is up 40 cents just in the last month.

The government last tapped into the reserve during Hurricane Katrina.

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