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

PROGRESS

Updated Apr. 21, 2017 5:16PM EDT / Published Mar. 16, 2012 6:48AM EDT

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.

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

Marcio Jose Sanchez / AP Photo