WASHINGTON, D.C. (WAVY) - The United States has 727-million barrels of oil stored underground along the Gulf Coast. With gas averaging $3.50 a gallon, more in some areas, the White House is considering using some of the reserve oil to keep prices from getting worse.
"It is something that only is done and has been done in very rare occasions," says William Daley, White House Chief of Staff.
Some say it's not a good idea.
"We're putting ourselves in the hands of probably the most frail, antiquated regime in the Middle East. They will be setting your gas price and mine," says Thomas Friedman, a NY Times Columnist.
"What we need to do is find more of our own energy and that means explore offshore," says Senator Lamar Alexander, (R) Tennessee.
Why is gas so high? Worldwide demand is up and fighting in the Middle East is fueling fear that's raised oil prices over $100 a barrel.
As a result, gas is up 40 cents in just the last month.
"I'm pretty sure I'm going to have to think about riding a bike," says Jason King, a commuter.
The government last tapped into the reserve during Hurricane Katrina.
Our oil reserve is the largest in the world. No word on when the White House might make that decision.
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