Israel Says Tap Oil Reserves, Residents Fuming as Gas Prices Soar

Speaking at a gas station in his hometown Monday morning, Rep. Steve Israel called on President Barack Obama to tap into the nation's Strategic Petroleum Reserve.

Releasing some of the 727 million barrels of oil in the reserve would have an immediate effect on bringing down gas prices, the Democratic congressman said at a press conference at a Sunoco station on Deer Park Avenue in Dix Hills. 

"That release would create an immediate psychological effect, more supply in the pipelines, and it would create a very specific and significant effect right here at the pump within days after," Israel said, noting that the reserve has the ability to pump out 4.4 million barrels a day.

The average price of gas on Long Island currently stands at $4.13 a gallon, Israel said.

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