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With britain about releasing strategic oil reserves. it looks like there could be a coordinated effort to increase quickly the amount of oil on the market. so far it has worked. the price of oil just the whisper of releasing the supply from the reserve, the price of oil is down $2 a barrel, about $2.50 as we speak. megyn: i thought it wasn't a supply problem. >> reporter: it's a refining problem as well as a long-term supply problem. you get a mine year short-term reaction and the president can then turn round if he releases oil from the reserve can he can say i'm doing something and it worked...

>> that could be the one achilles for obama if the economy turns south. one thing that can stop it, high gas prices and everything the obama administration is doing or attempting to do is driving gas prices higher and they are he' powering the epa to whatever they're going to do and pull the permits from shelves and from oil and they're driving prices up across the board by not allowing us to refine. we have a refining problem when they start to worry about the emissions and start to put dampers where we can refine. prices are up and we'll be lucky to stop at $5 a gallon this time. >> julian, ...