U.S., U.K. Set to Tap Oil Stocks

    A motorist fuels up his truck at a gas station Tuesday, Feb. 21, 2012 in San Francisco. U.S. retail gasoline prices rose less than a penny Monday to a national average of 3.57 per gallon, according to AAA, Wright Express and Oil Price Information Service. A gallon of regular is 19 cents higher than it was a month ago and 40 cents more than a year ago. AP Photo/Marcio Jose Sanchez)

    Marcio Jose Sanchez / AP Photo

    Britain is set to collaborate with the U.S. to tap strategic oil stocks within months, British sources confirmed to Reuters, in an effort to prevent record gas prices from stifling economic growth during a U.S. election year. U.K. Prime Minister David Cameron and President Obama had discussed the issue Wednesday, though U.S. officials denied reports that they had reached an agreement. In a meeting with students at New York University on Thursday, Cameron said the decision wasn’t final, but that both the U.S. and U.K. would “Like to see global oil prices at a lower level than they are.” Details of the emergency tapping haven’t been settled, but a source said an agreement is expected by next summer.

    Read it at Reuters