Obama Proposes Using Oil Reserves

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Barack Obama wants to tap into the nation's oil reserves in order to help bring gas prices down.

The proposal to tap into the nation's oil reserves came in a major energy speech Obama delivered Monday in Lansing, Michigan.

Barack Obama is proposing the government sell 70-million barrels of oil from its strategic petroleum stockpiles.

The Democratic presidential candidate says that move could help in the short-run to drive down gas prices.

Obama's plan would concentrate more on the light oil, which is easier to refine into gasoline and replace it later with heavier crude.

"We should sell 70 million barrels of oil from our strategic petroleum reserves for less expensive crude which in the past has lowered gas within two weeks," says Democratic Presidential Candidate, Barack Obama.

In 2000, President Clinton used a similar "swap" of government oil as proposed by Obama, making 30 million barrels available because of the concern over rising prices.

It's unclear what impact the release might have on costs of gasoline at the pump.

But a decision by the U-S to use its emergency reserve could put pressure on oil markets at least for a while.

Obama's 150-billion dollar energy plan focuses on clean coal technology, further development of plug-in hybrid cars and the commercialization of wind and solar power along with other measures.

"Many options, some not explored there has to be some research for sure, but I just think we have to look into renewable energy sources," says Experimental Nuclear Physicist, Grigory Rogachev.

Obama said Friday that he would reluctantly consider accepting some new offshore oil drilling even though he previously opposed any offshore drilling.

The Associated Press says the nation's current strategic petroleum reserve contains 707.2 million barrels in salt caverns in Texas and Louisiana and is capable of releasing about 4 million barrels a day.

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