Monday, August 4, 2008

In a shift, Obama says tap oil reserves

Barack Obama proposed on Monday tapping the strategic oil reserve to help lower gas prices, a reversal of an earlier stance, and called rival John McCain a tool of big oil companies as rising energy costs took center stage in the U.S. presidential campaign.

Obama, celebrating his 47th birthday, released a new ad hitting McCain's contributions from big oil firms. In a Michigan speech, he proposed releasing 70 million barrels of light oil, easier to refine into gasoline, from the emergency U.S. stockpile.

The Democratic senator from Illinois, who also proposed a series of steps to reduce long-term dependence on foreign oil, said the light oil could be replaced later with heavier crude in a swap designed to bring quick relief from high gasoline prices.

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