U.S. Official: Report of Oil Release Agreement 'Inaccurate'

The Obama administration hasn't reached an agreement with the U.K. to release oil reserves, saying a report suggesting otherwise was inaccurate, according to an Obama administration official. "The reports of an agreement are inaccurate. We regularly consult with the British on energy issues and any discussion that we had was in that context. We will continue to monitor the situation and consult with them and others," the official said. A report Thursday morning suggested Britain had agreed to release oil reserves along with the U.S. The report comes a day after Obama and British Prime Minister David Cameron discussed Iran, energy prices and oil markets during a meeting in the White House Oval Office, according to the official. High oil prices frequently lead to calls for President Barack Obama to sell some of the 700 million barrels of oil locked in the country's Strategic Petroleum Reserves. Calls for an SPR sale have become even more intense this year as Obama and lawmakers on both sides of the aisle face re-election. Recent polls show Obama's popularity dropping as gas prices rise. Continue reading this article

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