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posted: 8/30/2012 2:05 PM

Carney says White House 'studying our options' on oil prices

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  • An unusually large one-day jump in gas prices, mainly caused by tropical storm Isaac disrupting gas and oil production in the Gulf of Mexico, has the Obama administration again considering releasing some of the government's oil reserves.

      An unusually large one-day jump in gas prices, mainly caused by tropical storm Isaac disrupting gas and oil production in the Gulf of Mexico, has the Obama administration again considering releasing some of the government's oil reserves.
    ASSOCIATED PRESS

 
Bloomberg

WASHINGTON -- The Obama administration is continuing to look at all its options to make sure oil prices don't crimp the global economy, Jay Carney, White House press secretary, said.

Carney, responding to a question at a briefing, said he had "no announcements to make" about possible use of the Strategic Petroleum Reserve to put a brake on energy prices.

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Oil for October delivery dropped 93 cents, or 1 percent, to $94.56 a barrel at 1:14 p.m. on the New York Mercantile Exchange on speculation oil producers would restore output from the Gulf of Mexico now that Hurricane Isaac has passed.

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