Would strategic oil reserves help gas prices?

Latest on Gas and Fuel Costs

March 15, 2012 3:10:28 PM PDT
With gas prices so high, President Obama and British Prime Minister David Cameron talked about releasing oil from their strategic oil reserves to drive down prices.

But would that work?

It's a miserable time to own a mega SUV.

Just ask Christine O'Leary who selected regular unleaded to fill up her bone dry tank and watched the numbers fly to nearly $84!

"This can't continue like this. It's too expensive," O'Leary said.

Some analysts believe the price may have hit its peak with crude oil futures slightly down, meaning a potential drop at the pumps come next month.

But the political damage is mounting for President Obama's reelection bid and with his republican rivals fueled up for a fight, today he lashed out at the idea anyone has a quick fix.

"There's no silver bullet. Anybody who tells you otherwise isn't really looking for a solution; they're trying to ride the political wave of the moment," President Obama said.

ABC News has learned the president and British Prime Minister David Cameron have discussed the possibility of releasing oil from the strategic petroleum reserve, usually an emergency step with dubious results.

"If it is a political move it's a bad one. For those who understand the market this isn't going to make a difference," said Robert Sinclair, of AAA.

AAA's Robert Sinclair says the SPR was never envisioned as something to help with price relief, rather, it's a stockpile in case of a gas shortage and there's plenty of supply now.

Prices are sky high, he says, because of speculators on Wall Street who've invested in crude oil, and driven the price up.

The bulk of the reserves are located in Texas and Louisiana. The middle of the country is swimming in crude oil, and then how do you get it to the refineries that need it on the east and west coast? You're not going to be able to do it cheaply so it's not going to make any difference at all," Sinclair said.

Even in the face of these eye popping gas prices there still are some ways to save some money.

Here's a great example for how: regular gas at a pump Eyewitness News was at is $4.09 to pay with cash, but costs $4.22 with a credit card.

More and more stations charging you if you want to charge to your card so don't, always pay cash.

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