Obama and Cameron collude to release oil from their 'Strategic Election Reserves '

Obama and Cameron collude to release of oil from their 'Strategic Election Reserves.'

(Reuters) - Britain is poised to cooperate with the United States on a release of strategic oil stocks that is expected within months, two British sources said, in a bid to prevent fuel prices choking economic growth in a U.S. election year.

A formal request from the United States to the UK to join forces in a release of oil from government-controlled reserves is expected "shortly" following a meeting on Wednesday in Washington between President Barack Obama and Prime Minister David Cameron, who discussed the issue, one source said.

Britain would respond positively, the two sources said, and Cameron said a release was worth considering.

"We didn't make any decision, this has to be discussed broadly. We've got to look at this issue carefully, it's something worth looking at. Short-term should we look at reserves? Yes, we should," Cameron said during a meeting with students in New York.

"We'd both like to see global oil prices at a lower level than they are." Read more here...