Cameron considers oil price action

In order to cut petrol prices, the Prime Minister has suggested that it might be worth considering the release of global oil reserves.

Although no formal plans have been announced, it is believed that David Cameron discussed this possibility with US President Barack Obama during his recent visit to America.

Petrol costs have soared in recent times, and fears have arisen that international sanctions on exports from Iran could lead to even higher oil prices.

While the situation is bad for drivers in the UK, it is also tough in America, where a gallon of "gas" now costs roughly 3.80 dollars (£2.40).

Last year saw releases made from strategic petroleum reserves as a result of political upheavals in Libya, and Mr Cameron has now suggested that similar action could be taken in 2012.

Such a move might help to keep oil prices down if fears about oil supplies heighten.

Copyright Press Association 2012