President said he'll open reserves if necessary - WMC Action News 5 - Memphis, Tennessee

President said he'll open reserves if necessary

WASHINGTON, DC (NBC) - President Barack Obama indicated Friday he is willing to take action to lower oil prices, but said that's not needed yet.

The price of gas is going up, but there's enough supply to fulfill demand.

New economic reports show retails sales posted their largest gain in four months, and were not dragged down by the pain at the pump.

"Here at home everybody should know that, should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the strategic petroleum reserve," Obama said.

There will be no change in policy about domestic drilling in the gulf or Alaska.

Gradually reducing demand is the president's goal, and he said we've already cut fuel use by 7 percent.

In Libya, the plan is to cut off and isolate Moammar Khaddafy .

"We are slowly tightening the noose on Khaddafy," Obama said.

Obama said a no fly zone is still possible.

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