Reuters: Top News: France discussing strategic oil release with UK, U.S.: report

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France discussing strategic oil release with UK, U.S.: report Mar 28th 2012, 08:20 Tweet Share this Email Print Related News UPDATE 11-Brent dips; potential oil reserve release weighs Tue, Mar 27 2012 S&P tops 1,400 in first since 2008; crude oil dips Thu, Mar 15 2012 S&P ends over 1,400 for first time since 2008 credit crisis Thu, Mar 15 2012 UPDATE 7-Oil falls as US, UK plan oil reserve release Thu, Mar 15 2012 Analysis & Opinion The problematic JOBS Act Auction-house opacity datapoint of the day Gasoline drips off a nozzle during refueling at a gas station in Altadena, California March 24, 2012. Credit: Reuters/Mario Anzuoni PARIS | Wed Mar 28, 2012 4:20am EDT PARIS (Reuters) - France is in contact with Britain and the United States on a possible release of strategic oil stocks "in a matter of weeks" to push fuel prices down, Le Monde daily said on Wednesday, citing presidential sources. France would join a UK-U.S. cooperation on a release of strategic oil stocks that is expected within months, two British sources said earlier this month, in a bid to prevent fuel prices choking economic growth in a U.S. election year. The presidential office and the French energy ministry were not immediately available for comments. Crude hit $128 a barrel this month, only $20 short of its 2008 peak, and is up more than 15 percent since January, largely because of sanctions against oil producer Iran. They were down 0.6 percent to $124.85 by 0807 GMT on Wednesday. Global oil supply outages are running at more than a million barrels a day, a Reuters survey has found, helping provide justification for the United States and Britain should they release strategic reserves in a bid to cut oil prices. "The use of strategic reserves can be justified because it is related to geopolitical tension," a source at the presidential office was quoted as saying in the newspaper. Fuel prices in France have also soared in the past few months to record levels, prompting an intense debate between presidential candidates one month ahead of the national election. The rally has become a major headache for politicians around the world including U.S. President Barack Obama aiming for re-election in November and facing public anger over soaring U.S. gasoline prices. (Reporting By Muriel Boselli, editing by William Hardy) Tweet this Link this Share this Digg this Email Reprints We welcome comments that advance the story through relevant opinion, anecdotes, links and data. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. For more information on our comment policy, see http://blogs.reuters.com/fulldisclosure/2010/09/27/toward-a-more-thoughtful-conversation-on-stories/ Comments (0) Be the first to comment on reuters.com. Add yours using the box above.

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