Markey says US must prepare oil reserve after OPEC

WASHINGTON, June 8 Wed Jun 8, 2011 12:06pm EDT

WASHINGTON, June 8 (Reuters) - U.S. Representative Edward Markey, a key Democrat, said the United States must prepare to use national emergency oil reserves after the Organization of the Petroleum Exporting Countries decided on Wednesday to not boost crude production.

"OPEC, led by Iran and Venezuela, has snubbed its nose at the United States and the rest of the Western nations addicted to OPEC oil," Markey, the top Democrat on the Natural Resources Committee, said in a release. "This is a clear sign that America must engage in a long-term plan to break our ties to this OPEC-controlled market, and prepare to deploy America's oil reserves now to head off an economic collapse from continued high gas prices." (Reporting by Timothy Gardner)