US mulls tapping strategic gas reserves

With the current unrest in West Asia propelling gasoline prices to an all-time high in the United States, the Obama Administration is looking into a host of options to bring it down, including tapping the nation's strategic oil reserves.

"It (strategic oil reserve) is an option we are considering, but there are a number of factors that go into it and it is not price-based alone. It's important to look at history about it and the times when it has been used. So I wouldn't look to a price threshold," White House Press Secretary Jay Carney told reporters at his daily news conference.

In some parts of the country, gasoline prices have crossed the $3.5 per gallon mark.

"I would say that the price of oil is one of a number of factors that are looked at, rather, in making that determination, but not the sole factor," he said.

Oil prices climbed to $106 a barrel on Monday.

"Is there a major disruption in the flow of oil? That's obviously a factor. I think the point that we want to make is that we're very cognizant of the fact that Americans are experiencing a sharp rise in prices at the gas pump and that affects them and their family budgets and we are monitoring that very closely," he said.

"Meanwhile, we are in discussions with oil-producing countries as well as the IEA about the various options that are available in the global system to deal with a major disruption, should that occur," Carney said.

State Department spokesman PJ Crowley said the price of gasoline has nothing to do with America's judgement regarding who should govern Libya in the future.

"It's an economic factor, yes. Back to the question of if there's a legal process that results in our recognising someone else or a group as an interim government of Libya, the price of gas will not enter into that judgement," he said.