Posted: Aug 17, 2012 9:52 AM by Associated Press
NEW YORK (AP) - Oil is swinging between small gains and losses, following a report suggesting the U.S. might tap strategic reserves to slow the rising cost of crude.
Benchmark crude is down 11 cents to $95.48 in morning trading on the New York Stock Exchange. It has gained three percent this week on the heels of better-than-anticipated economic data and an unexpected drop in U.S. oil supplies. It's up 23 percent since a low in late June.
Late Thursday, Reuters reported that the Obama administration is considering the release of oil reserves to slow the commodity's upward climb. The price of oil and its implications for gasoline are a critical issue ahead of the November presidential election. Gasoline prices are up almost 30 cents in the past month.
PLEASE HELP US MODERATE COMMENTS
Offensive or inappropriate comments are subject to removal. To report a comment, please e-mail us at firstname.lastname@example.org, and include the name of the story and information on the comment.
Thank you! KSBY.com
Get deals up to 80% off here!
Find the lowest gas prices in your area
Submit your photos to KSBY
Check out our calendar of events
Watch Daybreak Web Videos in full
Save with Hot Deals across our counties!
Events across the Central Coast
Follow The CW5 on Facebook.
The KSBY online public file.
What do you think? Leave us your feedback.
KSBY is your official CA Lottery station for San Luis Obispo and Santa Barbara Counties