The White House says a decision on whether to tap into the strategic oil reserve would be based on more than just the price of gasoline, now averaging $3.50 a gallon.
White House spokesman Jay Carney said Monday that there other factors to consider, including whether there's been a major disruption in the flow of oil.
President Barack Obama's chief of staff said over the weekend that the administration was considering releasing oil from the 727 million barrel reserve to deal with the spike in prices.
Oil prices climbed to near $106 a barrel on Monday. Intense fighting between Libyan government forces and rebels are raising the prospect of a prolonged cut in the country's crude exports.