Under pressure from Republicans to “do something” about high gas prices, President Obama, backed by Senate Democrats, has floated the idea of selling $500 million worth of federal oil from the Strategic Petroleum Reserve. It's a move economists say would do little to bring down the price of gasoline, though it might get the GOP off his back a bit.
"Where is the president’s plan for rising gas prices? “Monitoring the situation” won’t cut it," wrote Sen. John Barasso (R) of Wyoming in a letter today, chiding the president for "a virtual freeze on American offshore oil and natural gas exploration."
