Obama, Geithner seek to quell fears about oil spike

WASHINGTON (Reuters) – U.S. President Barack Obama and Treasury Secretary Timothy Geithner sought to quell fears on Thursday that unrest in Libya would put oil prices on a long term upward trajectory.

“We actually think that we’ll be able to ride out the Libya situation and it will stabilize,” Obama, referring to fuel prices, told a group of corporate chief executives.

Geithner said the world had plenty of oil reserves that could be deployed in the event of a sustained disruption to supply. “We have substantial capacity across the major economies in the strategic reserves,” he told the executives. Read more at www.reuters.com