Britain United States Talks On Oil Supply

According to a British source Britain has decided to cooperate with the United States in a bilateral agreement to release strategic oil stocks

. It is a step to prevent high fuel prices derailing economic growth in a U.S. election year. According to a report Britain had agreed to release oil reserves along with the U.S. he report comes a day after Obama and British Prime Minister David Cameron discussed Iran, energy prices and oil markets during a meeting.

US sent a formal request to UK is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron. It is expected that UK will show positive interest. According to an Obama administration official, The U.S. and U.K. haven't agreed on a release of oil from strategic stocks. As per the UK official reports the two nations will cooperate in an effort to cut rising gasoline prices. A private deliberations was held on Wednesday President Barack Obama and U.K. Prime Minister David Cameron at the White House. Both discussed oil supplies and use of the strategic reserve without reaching any decision. Recent polls show Obama's popularity dropping as gas prices rise.

After the reports of Reuters that the U.K. has decided to cooperate with the U.S. in a bilateral agreement to release strategic oil supplies, the price dropped to $103.78. Crude oil for April delivery dropped 37 cents, or 0.4 percent, to $105.06 a barrel at 12:15 p.m. on the New York Mercantile Exchange. According to a daily survey by the American Automobile Association the national average retail price of unleaded regular gasoline yesterday climbed to $3.821 a gallon. As per to AAA's survey its 7.5 percent higher than a year ago. Want some urgent cash apply with 12 month loans and get easy cash for your emergency expenses.

US release would be of crude oil from the national SPR, while the UK contribution is likely to come from a reduction of the minimum reserves of crude and refined products that UK commercial oil companies are required to hold. Though the White House has denied reports earlier that the United States and Britain agreed to cooperate on a plan to release some oil from their strategic reserves to counter rising global crude prices that have boosted gasoline prices. Global prices have spiked in part because of concerns over U.S. and European efforts to impose tighter sanctions on Iran.

by: John Cena

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