Cameron Offers Crude Symbol to Obama

Published Fri, Mar 16th, 2012   Wall Street Daily Research

British Prime Minister, David Cameron, after meeting with President Obama, said he would consider releasing strategic oil reserves to quell soaring fuel prices:

“Short term, should we look at reserves? Yes, we should.”

The United States is expected to issue a formal request, but as the United Kingdom has comparatively negligible strategic oil reserves, any deal would be mainly symbolic.

The rising oil prices – up 16% this year and set to run higher with Iranian sanctions in the works – are causing political difficulties for President Obama, so tapping into the Strategic Petroleum Reserve, according to a Reuters source, is “more of a matter of when than if.”

(Check out  Martin Denholm’s Wall Street Daily article this morning for more information on the use of strategic petroleum reserves.)