{"id":288529,"date":"2011-03-03T21:08:11","date_gmt":"2011-03-03T21:08:11","guid":{"rendered":"http:\/\/www.ghanamma.net\/2011\/03\/03\/geithner-we-can-tap-oil-reserves-if-we-need-them\/"},"modified":"2011-03-03T21:08:11","modified_gmt":"2011-03-03T21:08:11","slug":"geithner-we-can-tap-oil-reserves-if-we-need-them","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2011\/03\/03\/geithner-we-can-tap-oil-reserves-if-we-need-them\/","title":{"rendered":"Geithner: We can tap oil reserves if we need them"},"content":{"rendered":"<p><div readability=\"73.7405660377\"><span id=\"fb-recommend\"\/><br \/>\n<span>By Jennifer Liberto, senior writer<\/span><span>March 3, 2011: 4:08 PM ET<\/span><!--startclickprintexclude--><br clear=\"all\"\/><!--endclickprintexclude--><!-- CONTENT --><\/p>\n<p>WASHINGTON (CNNMoney.com) &#8212; Treasury Secretary Tim Geithner told lawmakers Thursday that the U.S. and other nations are prepared to tap back-up oil reserves if Libya unrest continues and severely disrupts oil supplies.<\/p>\n<p>Libya is the first oil exporting nation to be engulfed in the political upheaval spreading across North Africa and the Middle East, and investors <a href=\"http:\/\/money.cnn.com\/2011\/02\/21\/markets\/libya_oil_unrest\/index.htm\">have been worried<\/a> that chaos in the region will drive crude prices even higher.<\/p>\n<p><!-- REAP --><!--startclickprintexclude--><!--endclickprintexclude--><!-- \/REAP --><\/p>\n<p><a href=\"http:\/\/money.cnn.com\/2011\/03\/03\/news\/economy\/food_prices\/index.htm\">Price spikes<\/a> have followed <a href=\"http:\/\/money.cnn.com\/2011\/03\/03\/news\/international\/libya_protests_company_rescues.fortune\/index.htm\">increasingly violent protests<\/a> in Libya that have claimed more than 1,000 lives, according to the United Nations. Libya&#8217;s ambassador to the United States has estimated the death toll at 2,000.<\/p>\n<p>Geithner said Treasury is monitoring oil prices and a potential supply disruption and is prepared to act.<\/p>\n<p>&#8220;It&#8217;s important to note that there is considerable spare oil production capacity globally, and we and other major economies possess substantial strategic reserves of oil,&#8221; he said in prepared remarks. &#8220;If necessary, those reserves could be mobilized to help mitigate the effect of a severe, sustained supply disruption.&#8221;<\/p>\n<p>The Treasury secretary reassured lawmakers that underlying inflation remains low nationwide. And he said the U.S. has &#8220;considerable spare oil production capacity&#8221; it could consider tapping in the event of a &#8220;major&#8221; supply disruption.<\/p>\n<p>When asked how long Americans can expect prolonged oil price hikes and whether longer-term hikes would slow economic growth, Geithner said that was &#8220;not something we can know for certain today.&#8221;<\/p>\n<p>&#8220;Most investors regard this as a temporary increase and expect prices to come down gradually over the rest of this year,&#8221; he said. &#8220;That would give us more confidence, if that was right, that it will have modest effects on growth and inflation.&#8221;<\/p>\n<p>Geithner also talked about U.S. sanctions against Libya. He said that federal officials have frozen $32 billion in assets under U.S. control, up from $30 billion last week. It&#8217;s the largest amount of frozen assets of any U.S. sanctions programs so far.\u00a0<a href=\"http:\/\/money.cnn.com\/2011\/03\/03\/news\/economy\/geithner_oil_libya\/index.htm?section=money_topstories&#038;utm_source=feedburner&#038;utm_medium=feed&#038;utm_campaign=Feed%3A+rss%2Fmoney_topstories+%28Top+Stories%29#TOP\"><img loading=\"lazy\" decoding=\"async\" src=\"http:\/\/i.cdn.turner.com\/money\/images\/bug.gif\" alt=\"To top of page\" border=\"0\" width=\"7\" height=\"7\" \/><\/a><\/p>\n<p><!-- \/CONTENT --><!--startclickprintexclude--><!--startclickprintexclude--><br \/>\n<!--endclickprintexclude--><\/p>\n<p>First Published: March 3, 2011: 3:41 PM ET<\/p>\n<p><!--endclickprintexclude--><\/div>\n<\/p>\n<p>Read the original here:<br \/>\n<a target=\"_blank\" href=\"http:\/\/rss.cnn.com\/~r\/rss\/money_topstories\/~3\/FhRdBASvLwo\/index.htm\" title=\"Geithner: We can tap oil reserves if we need them\" rel=\"noopener noreferrer\">Geithner: We can tap oil reserves if we need them<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p> By Jennifer Liberto, senior writer March 3, 2011: 4:08 PM ET WASHINGTON (CNNMoney.com) &#8212; Treasury Secretary Tim Geithner told lawmakers Thursday that the U.S. and other nations are prepared to tap back-up oil reserves if Libya unrest continues and severely disrupts oil supplies. <\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-288529","post","type-post","status-publish","format-standard"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.0 - 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