As the possibility of gasoline reaching $4 per gallon price tag looms, Pres. Obama said he’s prepared to tap the nation’s strategic oil reserve if necessary to deal with any disruptions in the energy supply.
Gasoline prices throughout the nation drastically increased over the past few months as unrest in the Middle East triggered a deep concern on oil markets. While trying to maintain oil assets, the president said the Justice Department will also be on the watch for any evidence of price gouging.
He added that an increase in research and development into alternative energy sources would continue to lessen U.S. dependence on foreign imported oil.
Congress and President Obama are preparing separate strategies on energy legislation; meanwhile, GOP lawmakers have tried to tie the president’s policies to the high gas prices, saying he should be allowing more offshore drilling.
Yesterday, House Speaker John Boehner (R-OH) announced a Republican plan to take up energy legislation in the next several months. The measure would expand domestic energy production by opening up oil drilling in Alaska and the Gulf. Boehner was joined at the news conference by other Republican leaders including Energy Committee Chairman Fred Upton (R-MI) and Natural Resources Committee Chairman Doc Hastings (R-WA).