Democratic presidential candidate Barack Obama has proposed tapping the federal government's strategic petroleum reserve in an effort to lower gas prices.  The AP reports that Obama "is proposing the government sell 70 million barrels of oil from its strategic petroleum stockpiles."  The suggestion, made during a speech in Lansing, Michigan today, is a reversal of position for the Illinois senator.  But Obama "says releases from the reserve in the past have lowered gas prices within two weeks."

The Strategic Petroleum Reserve is a federally-owned stockpile of more than 700 million barrels of crude oil, stored in salt caverns in Texas and Louisiana.  It is kept for national emergencies, but politicians have sold oil from the reserve to stem spikes in the price of oil several times in the past, most recently after Hurricane Katrina damaged refineries in the gulf coast.  The AP notes, "President Bush has refused to use the reserves, saying they need to be left intact as an emergency stockpile. However, in the face of strong congressional pressure, Bush in June stopped filling the reserve until oil prices decline."

According to ABC News, Obama's Energy Policy Director, Heather Zichal, told reporters "What he will be calling for in speech today is a swap out of light crude for heavy crude.  The heavy crude will be replaced in the reserve at a later date so that we can get oil into the market."  The campaign offered no target date for replacing the oil.  Light crude generally yields more usable gasoline per barrel in the refining process, and is therefore more expensive to buy. 

The proposal came as part of a speech unveiling Obama's energy plan.  CNN notes that the candidate also proposed "a windfall profits tax on big oil corporations that would be used to provide a $1,000 rebate to people struggling with high energy costs."  The candidate also proposed a series of goals for federal energy policy, including  "have one million 150 mile-per-gallon plug-in hybrids on the roads within six years," and " Require that 10 percent of the country's energy come from renewable sources by the end of his first term."

Marketwatch reports, "Obama also said he is 'willing to consider' drilling offshore for oil, a move he has until now been against."

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