A Biden Emergency Oil Release May Fail to Dent Price of Gasoline
- Stocks are mostly sour crude grades, which are out of favor
- President fails to mention potential release in Friday remarks
Photographer: Luke Sharrett/Bloomberg
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A potential release from the U.S. Strategic Petroleum Reserve intended to bring down gasoline prices may have little effect, oil market participants warn, even as the Biden administration floats the idea as a way to provide immediate relief at the pump.
U.S. President Joe Biden “is looking at” releasing a potential wave of crude supply from the U.S. emergency reserves after OPEC+ rejected his request to increase crude production faster, Energy Secretary Jennifer Granholm said Friday on Bloomberg TV, confirming multi-week speculation the administration would consider such a move.