White House May Tap Oil Reserves

Some relief at the gas pump may be coming our way. Speaking on NBC's Meet the Press, White House Chief of Staff Bill Daley said the Obama administration is considering tapping the U.S. strategic oil reserve in order to ease prices sent soaring by unrest in Libya. "We are looking at the options. The issue of the reserves is one we are considering,” said Daley. ”All matters have to be on the table." Several Senate Democrats have broached the issue of tapping the emergency oil supply, with Senator Jay Rockefeller becoming the third to do so on Thursday when he said using the reserves could help “protect our national security by preventing or reducing the adverse impact of an oil shortage." U.S. Energy Secretary Steven Chu disagrees, however, saying that Saudi Arabia will ramp up oil production and lower the price of crude, now over $100 a barrel.