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While oil prices are surging, there are signs that U.S. oil supplies are secure. According to recent data from the Energy Department, stocks of crude at a key U.S. shipping point, Cushing, Oklahoma, remain near record-levels.
The U.S. also has "substantial" oil reserves available, and "considerable" oil production capacity that can be tapped should there be a major supply disruption, according to Treasury Secretary Timothy Geithner.
Developments in the Middle East have generated concern about potential disruption to the supply of oil, and this has put upward pressure on oil prices. We are monitoring this situation closely. But it is important to note that there is considerable spare oil production capacity globally, and we and other major economies possess substantial strategic reserves of oil. If necessary, those reserves could be mobilized to help mitigate the effect of a severe, sustained supply disruption.