Britain is poised to cooperate with the United States on a release of strategic oil stocks that is expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a U.S. election year.
A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.
Britain would respond positively, the two sources said, and Cameron said a release was worth considering.
"We didn't make any decision, this has to be discussed broadly. We've got to look at this issue carefully, it's something worth looking at. Short-term should we look at reserves? Yes, we should," Cameron said during a meeting with students in New York.
"We'd both like to see global oil prices at a lower level than they are."
Details of the timing, volume and duration of a new emergency drawdown have yet to be settled but a detailed agreement is expected by the summer, one of the sources said.
Other countries may also be approached by Washington to contribute, a further source said, Japan among them.
The problem is, the Strategic Oil Reserves was built for the purpose of emergencies in shutoffs of oil supplies. It was not designed for political emergencies.
Obama, being the Horse's Ass he is, played comedian with the idea that America is not drilling for more oil.
If we're doing this much drilling, why has the Obama Regime ignored the judge who threw out that drugstore cowboy Ken Salazar's offshore drilling moratorium? Why was the Keystone Pipeline rejected?
Obama doesn't want more drilling. When the BP Oil Spill happened, the Regime mismanaged that event and was so detached from it because they didn't want to let that crisis go to waste. This is what Obama said during that disaster.
He wanted to use the BP spill to push for more "green energy" and what did we get? Over $5 in gas in some places and millions in taxpayer dollars flushed down the toilet of "green energy" companies like Solyndra that went bankrupt.
Obama failed to lead and instead pandered to his rich, treehugging Hollywood crowd like Robert Redford by killing the Keystone Pipeline. Now he's trying to cover his ass and make it look like he's doing something by draining the oil reserves.
This is an area where there needs to be oversight by Congress, as oil reserves set aside for real emergencies shouldn't become a political tool to solve a political emergency.