On Friday, President Obama held a press conference to discuss the rising costs of energy here in the United States and to address concerns about oil supplies. During his introductory speech, the president assured the public that he would authorize access to the oil reserves if the situation warranted such access:

“Here at home, everybody should know that should the situation demand it, we are prepared to tap the significant stockpile of oil that we have in the Strategic Petroleum Reserve. We’re also using the resources at our disposal at the federal level to monitor any possible manipulation in the oil markets. And I’m asking the Attorney General and relevant state -- relevant agencies to work with state attorneys general to monitor for price gouging to make sure that nobody is taking advantage of working families at the pump.” Source: The White House

A 50 percent increase in monthly fuel costs are going to have a more significant impact on families that are already facing a budget crunch as well as those that do a significant amount of driving each month. If you’re interested in reducing the impact of rising gasoline prices on your household budget, check out MNN’s 10 ways to save money on gasoline for some easy to implement ideas.

Photo: futureatlas.com/Flickr

Watch: Obama on energy costs and oil supplies
President Obama addresses the nation’s concern about rising energy costs and the availability of oil.