Will Biden's release of oil reserves ease prices? Experts say maybe not | TheHill
Nov 23, 2021 1 min, 20 secs

Americans are unlikely to see a significant drop in gas prices immediately after the Biden administration's decision to release 50 million barrels of oil from the nation's reserve.  .

The White House announced the release of 50 million barrels from the Strategic Petroleum Reserve (SPR) Tuesday morning.

“Between Thanksgiving, and Groundhog Day, you normally see gasoline prices drop, because essentially, demand drops to about 2 million barrels a day less than it would be in the summertime,” Kloza added.

Republicans have blamed Biden administration moves like cancelling the Keystone XL pipeline and a since-ended freeze on new oil and gas leasing on federal lands for gas prices, but Kloza said the reality is more complicated, noting that the Keystone pipeline wouldn’t have produced enough to affect supply by this point.

“For drivers wondering if gasoline prices will get lower as a result of the SPR release in the US, the reality is that this may not happen at all, or only with a significant lag time,” Lefteris Karagiannopoulos, senior media relations manager at Rystad Energy, said in a market note Tuesday morning.

The release, he noted, will be in crude barrels, which will only affect gasoline supply if it prompts refineries to produce more.

At a press briefing Tuesday, Energy Secretary Jennifer GranholmJennifer GranholmBiden administration to release oil from strategic reserve: reports White House looks to rescue plan funding to ease burden of high heating costs Biden, top officials spread out to promote infrastructure package MORE faulted the industry side for the crunch, saying “the oil and gas industry has leases on 23 million acres of public lands on and offshore.”.

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