United States Energy Secretary Steven Chu says his department is considering releasing strategic oil reserves in an attempt to help ease the pressure of soaring oil prices.

Following a congressional hearing on Tuesday, Chu told reporters he was very concerned about the situation surrounding Iran. He said the U.S. and the International Energy Agency are closely cooperating and monitoring changes in the international supply and demand of oil.

The U.S. government is again under pressure to release oil reserves, as conflict over Iran’s nuclear program has driven up gasoline prices ahead of the presidential election.

The U.S. holds 727 million barrels in oil reserves. The U.S. and other Western member countries of the International Energy Agency released 60 million barrels of reserves as last year’s unrest in Libya reduced the supply of crude oil and raised oil prices, posing a threat to the global economy.