White House: Cost of Gas Not Only Factor in Deciding Whether to Tap Oil Reserve

[WestVirginiaRebel]

Fox News:

The White House said Monday that officials are still considering whether to tap into the strategic oil reserve but stressed that any decision would not be based solely on the price of gas.

White House Press Secretary Jay Carney said other factors, like whether there's a "major disruption in the flow of oil," will have to be considered.

"It's an option we are considering. But there are a number of factors that go into it, and it is not price-based alone," Carney said. "I wouldn't look to a price threshold."

Lawmakers, though, are no doubt eyeing the $4-a-gallon mark as they call on the administration to take action. Pressure to tap into the strategic petroleum reserve has come mostly from Democrats, while congressional Republicans instead call on Obama to permit more domestic oil drilling.

The average price of a gallon of gas has tracked steadily toward that $4 threshold over the past several weeks as turmoil engulfs the Middle East. As of Monday, the average price of a gallon of regular gas was $3.51, about 40 cents higher than a month ago.

However, the actual price of a gallon of gas -- without state and federal taxes -- is considerably lower, since those taxes add an average of more than 40 cents to every gallon.

Jason Toews, co-founder of GasBuddy.com, estimated the average price of gas without those taxes is just above $3-a-gallon. Still, he said prices are on track to hit record levels. The record was set on July 17, 2008, when prices hit $3.62 a gallon, pre-tax.

"It's certainly starting out as one of the biggest price increases that we've seen," he said. "There have been larger increases, but the thing is, we're just getting started."
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Oh, if only we had some alternative...oh, wait-didn't a judge say we did?