Opening the Strategic Petroleum Reserve in Anticipation of the Iranian Embargo -- July, 2012

Updates

June 18, 2012: EU update on the embargo -- still going through with it. 

May 19, 2012: I guess the article below wasn't explicit enough, so the mainstream media had to spell it out: the president is setting the stage to tap the SPR.

Original Post

Link here. 

Speculation has grown that Obama will use an energy session at the G8 to seek support to tap emergency oil reserves before a European Union embargo of Iranian crude takes effect in July.

But with oil prices already sliding, a move by Obama to tap the Strategic Petroleum Reserve - alone or along with other countries - could expose him to criticism that the emergency supply should only be touched in a supply crisis.

And another of the PFIIGS (pronounced "figs")  is in trouble: Ireland may need a second bailout.