Bingaman keeping eye on oil prices, supplies

KRWG News – ALBUQUERQUE, N.M. (krwg) U.S. Sen. Jeff Bingaman says continued turmoil in the Middle East and North Africa could lead to disruption of oil supplies and even higher prices.

The New Mexico Democrat and chair of the Senate Energy and Natural Resources Committee says it would be appropriate for President Barack Obama to be ready to consider tapping the nation's Strategic Petroleum Reserve if the situation deteriorates further.

Bingaman says high prices alone aren't enough to justify tapping the reserve, but announcing a sale from the reserve would help moderate prices.

Other lawmakers on Capitol Hill have also urged Obama to tap into the reserve.

Obama had said last week that he was confident markets would be able to ride out the situation in Libya and the price of oil would stabilize.

Copyright 2011 The Associated Press. krwg