16.03.2012
By Simon Miller
The US and UK are expected to act to counter high oil prices in this election year for President Obama.
According to reports, Britain is expected to join the US in releasing strategic oil stocks within months.
Although the UK does not hold a significant amount of oil, it does set a minimum amount for oil companies to hold and that is expected to be relaxed. The US is expected to release 700m barrels from its stocks.
A formal request from the US is expected shortly and comes after UK Prime Minister David Cameron's trip to the States.
With President Obama facing election in November, oil prices have become a hot topic with Brent crude gaining more than 15% since January to a peak of over $128 (£81.7) a barrel and the release of strategic stocks is aimed at supressing prices.
Although no formal request has been made, Cameron told a meeting of students in New York that it was "somthing worth looking at".
He added: ""We'd both like to see global oil prices at a lower level than they are."
White House spokesman Jay Carney told reporters: "I can tell you that among the many topics of discussion that the British prime minister and the president had were energy issues and the situation globally with the rise in the price of oil."
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