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No action yet on the Strategic Petroleum Reserve
Back in the summer of 2008, gas prices shot up to about $4 a gallon and Washington was abuzz with proposals to make it cheaper. One approach: Dilute the market with gasoline from the Strategic Petroleum Reserve, a stockpile of fuel.
It's a promise that made its way into Barack Obama's campaign platform. But by the time Obama took office in January 2009, gas prices had fallen to an average of $1.84 a gallon. Since then, gas prices have increased -- a gallon currently costs about $2.50 -- but have not become so expensive that Obama has had to tap the reserve.
So, Obama promised to release fuel from the reserve to keep gas prices low, but he hasn't so far. That said, we wouldn't say this is a Promise Broken because gas prices haven't become unusually high. As a result, we'll move this promise to Stalled and keep our eye on Obama's strategy should gas prices skyrocket again.
Our Sources
The Washington Post, Obama Calls for Tapping Petroleum Reserve , By Perry Bacon Jr., Aug. 4, 2008