Arian
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The US House Democrats have urged President Barack Obama to tap into the nations Strategic Petroleum Reserves amid hikes in global oil prices driven by Irans sales cut to some European countries.
"We encourage you to consider utilizing the Strategic Petroleum Reserve (SPR) now," said Democratic Representative Edward J. Markey and two other House Democrats in a letter sent to President Obama on Monday in an attempt to knock down oil prices and avoid serious economic damage.
They described the reserve as "the only tool we possess which can counter supply disruptions and combat crippling price spikes in the short term."
However, some US Republicans opposed the request, saying the countrys stockpile must be available in times of emergency.
The Strategic Petroleum Reserve is there for times of emergency and supply disruptions, Senator Lisa Murkowski of Alaska, the senior Republican on the Energy and Natural Resources Committee, said on Thursday.
It is imperative the stockpile be available for a serious supply disruption down the road, she added.
Following Irans decision to halt oil exports to some European countries, Brent oil jumped to 93.60 euros per barrel on Thursday, beating the 2008's pre-financial crisis price of 93.46 euros.
In New York, light sweet crude for delivery in April, rose 64 cents to more than USD 108 per barrel, while the North Sea Brent crude for April delivery gained 60 cents to over USD 124 in morning trade.
The rise in oil prices comes on the heels of a report by Press TV last week that Iran would cut its oil exports to six European Union states, if they fail to sign long-term deals with Tehran.
Later on Sunday, Irans Oil Ministry announced that it had cut oil exports to British and French firms in line with the decision to stop the crude sales to six European states.
The move comes as Irans Oil Minister Rostam Qasemi had earlier hinted at the possibility of Irans halting oil exports to certain European countries.
European Union foreign ministers agreed to ban oil imports from Iran on January 23 and to freeze the assets of the Iranian Central Bank across the EU in a bid to pressure Iran over its nuclear program.
Despite the widely publicized claims by the US, Israel and some of their European allies that Iran's nuclear program may include a military aspect, Tehran insists its nuclear work is civilian in nature.
Iran argues that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to develop and acquire nuclear technology for peaceful purposes.
PressTV - US Democrats urge Obama to use SPR to reduce oil prices
"We encourage you to consider utilizing the Strategic Petroleum Reserve (SPR) now," said Democratic Representative Edward J. Markey and two other House Democrats in a letter sent to President Obama on Monday in an attempt to knock down oil prices and avoid serious economic damage.
They described the reserve as "the only tool we possess which can counter supply disruptions and combat crippling price spikes in the short term."
However, some US Republicans opposed the request, saying the countrys stockpile must be available in times of emergency.
The Strategic Petroleum Reserve is there for times of emergency and supply disruptions, Senator Lisa Murkowski of Alaska, the senior Republican on the Energy and Natural Resources Committee, said on Thursday.
It is imperative the stockpile be available for a serious supply disruption down the road, she added.
Following Irans decision to halt oil exports to some European countries, Brent oil jumped to 93.60 euros per barrel on Thursday, beating the 2008's pre-financial crisis price of 93.46 euros.
In New York, light sweet crude for delivery in April, rose 64 cents to more than USD 108 per barrel, while the North Sea Brent crude for April delivery gained 60 cents to over USD 124 in morning trade.
The rise in oil prices comes on the heels of a report by Press TV last week that Iran would cut its oil exports to six European Union states, if they fail to sign long-term deals with Tehran.
Later on Sunday, Irans Oil Ministry announced that it had cut oil exports to British and French firms in line with the decision to stop the crude sales to six European states.
The move comes as Irans Oil Minister Rostam Qasemi had earlier hinted at the possibility of Irans halting oil exports to certain European countries.
European Union foreign ministers agreed to ban oil imports from Iran on January 23 and to freeze the assets of the Iranian Central Bank across the EU in a bid to pressure Iran over its nuclear program.
Despite the widely publicized claims by the US, Israel and some of their European allies that Iran's nuclear program may include a military aspect, Tehran insists its nuclear work is civilian in nature.
Iran argues that as a signatory to the nuclear Non-Proliferation Treaty (NPT) and a member of the International Atomic Energy Agency (IAEA), it has the right to develop and acquire nuclear technology for peaceful purposes.
PressTV - US Democrats urge Obama to use SPR to reduce oil prices
