Obama confident oil prices will stabilize

By Associated Press
Posted Feb. 24 at 3:14 p.m.

President Barack Obama said Thursday he’s confident that markets will be able to ride out the situation in Libya and the price of oil will stabilize.

Obama made the brief comments during a discussion with a new council of business and labor leaders he’s appointed to work on economic competitiveness. He said that energy costs are generally a source of uncertainty for businesses. But as for the spike in oil prices, the president said: “We think we’ll be able to ride out the situation in Libya and it will stabilize.”

Oil prices rose again Thursday as the rebellion in Libya appeared to have shut down even more crude production than previously estimated. At the pump, gas prices rose more than 2 cents to a new national average of about $3.23 per gallon.

Some lawmakers on Capitol Hill have urged Obama to tap into the country’s Strategic Petroleum Reserve emergency supply to ensure prices don’t spike even higher. Presidential spokesman Jay Carney said the U.S. was monitoring the situation and consulting with oil-producing nations.

“We are examining our options and we have the capacity if necessary to act in case of a major disruption,” Carney said at Thursday’s White House press briefing.

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  1. victor Feb. 24 at 12:22 pm

    Disband the EPA, let our country produce it’s own oil with out government interference, problem solved.

  2. momic Feb. 24 at 12:58 pm

    How stupid are Americans? We are telling OPEC to lower prices? Why would they do that? We will not tap our own reserves but demand theirs?
    Thank your President.
    I was disgusted with the lack of action in Bush’s last 2 years. I hadn’t seen nothing yet this guy is like all the other state demos who ran away. The Flee Party.

  3. Montemalone Feb. 24 at 1:15 pm

    You guys don’t get it. The goal is exhorbitant oil prices. Bush/Cheney are oil guys. They started wars to drive up the price of oil. This is what they wanted. It’s too late now. We’re all gonna pay for repub greed.

  4. bph Feb. 24 at 1:27 pm
  5. GetaLife Feb. 24 at 1:35 pm

    Using the reserves would do jack about the price of oil. The companies that making money off of oil love this, this is when they can really rake in the cash.

  6. mark Feb. 24 at 4:01 pm

    We’ve done nothing about oil since the embargo of 1974. There is enough blame to go around.

  7. Southernsider Feb. 24 at 6:05 pm

    If we get $6 a gallon gas, we deserve it for ignoring the problem for so long. Maybe it will be a good thing because it will force the opening of domestic sources.

  8. rwilymz Feb. 24 at 7:47 pm

    [[There is enough blame to go around]]

    Enviro-tards for disputing absolutely EVERY attempt to develop domestic energy in useful amounts – nuclear, coal, domestic drilling.

    Democrats for caving in to them, and effectively lobotomizing themselves along the way.

    Republicans for hitching their wagon to oil and only oil, thus making “Big Oil” the pejorative it is.

    Regulators for turning what was a nuisance at worst [Exxon Valdez; BP/Gulf] into some kind of near-cataclysm and overreacting as a means of furthering entrenched political power among unelected dimwit bureaucrats.

    Did I get them all?

  9. BKG Feb. 24 at 8:36 pm

    Since the 1973 oil embargo we’ve known that we are energy hostages to questionable nations in a questionable part of the world. From 1973-1980, we made some genuine efforts at modest conservation.

    Since then? SUV’s, Hummers, Minivans, more car-dependent suburbs, and voters ready to throw out any politician that dared suggest further conservation. Maybe we should pay $7 a gallon like in Europe.