Emergency Oil May Be Released

Who says the president can't do anything about the price of oil? According to Reuters, the White House is "dusting off plans" to release controlled oil reserves in order to lower the price of gasoline and bolster Iranian sanctions. Since July, crude prices have spiked more than 20 percent to almost $120, making it harder to enforce the trade embargo with Iran, not to mention for consumers to feel the economic recovery in action. Any move to release strategic oil reserves would likely be met with Republican criticism, who would call it a political move to increase the president's popularity going into November.