Geithner Open to Using Oil Reserves

The Obama administration is open to using the strategic petroleum reserve if necessary to deal with rising gas prices, Timothy Geithner said in a CNBC interview, though he didn't sound terribly enthusiastic about the prospect, and warned that there was "no quick fix" to the problem. Gas prices are up 12 cents this week, and indeed shot up 3.5 cents overnight to a national average of $3.65, CNN reports. Geithner attributed that to improved growth expectations in the US, "and also Iran is doing a little saber rattling."

"The best strategy for the country is to continue to make long-term investments" to increase US oil production and encourage the use of more clean energy, Geithner said. But when asked about the strategic reserve he said, "There's a case for the use of the (reserve) in some circumstances, and we'll continue to look at that." The remarks come after President Obama mocked the GOP's consistent focus on expanding domestic drilling. (More Timothy Geithner stories.)