The Brent crude price is currently $120 per barrel, a steep increase from Julyâs $90 per barrel price.
An unnamed source spoke to Reuters about the situation on Thursday and said U.S. officials expect a price drop after the Labor Day holiday because historically that is the trend.
The U.S. and eight other countries were contemplating an oil release last spring but withdrew the plan when prices decreased.
The unidentified source claims that the administration does not want high oil prices to improve Iranâs situation while an embargo and several international sanctions are in place.
The members of the International Energy Agency (IEA) including Britain, France, and Germany were in favor of the oil release in the spring because of the effect it would have on prices, the global economy and Iran, the source recalled.
Still, the United States has not initiated renewed negotiations with their partners about a coordinated drawback.
According to Mason, if oil reserves are released, Obama can expect criticism from Republicans who would perceive it as a political move to boost his election chances.
Currently, no decision has been made on the potential release.