There continue to be rumors that the US and UK will release some of their strategic oil reserves to help relieve rising in gas and oil prices. Gas prices rose again yesterday to $3.831 from $3.518 a month ago. Some believe that the President’s re-election will swing on gas prices. If so, a release of oil may help him. The counter argument to this is that when the oil reserves were tapped in June 2011, oil prices dropped temporarily and than started to rise again until they reached their current levels. The threat that Iran may increase it military activity because of sanctions which has interrupted its crude exports still exists. And, an increase in that military might cause a rise in oil prices that new oil reserves could not offset.
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