US crude tumbled as much as 3.5% on Friday, hitting a fresh six-week low of $76.17 a barrel. In just nine days, oil prices have sunk 10%.'This is a distraction.' Oil industry hits back at Biden's request for FTC investigationThat's good news for American drivers hurt by the seven-year high in gasoline prices — a crunch that has soured consumers' views on the US economy.
and its allies, known as +, have only gradually increased production. US oil companies haven't been in a rush to add supply either.A coordinated release from two of the world's biggest energy consumers would have a bigger impact than if the Biden administration acted alone to tap the Strategic Petroleum Reserve.Officials in China put out a statement on Friday suggesting that a release of barrels from the country's emergency reserve is on the table.
+ to open up the taps, after months of refusing to do so."There is firepower with a concerted effort," said Robert Yawger, director of energy futures at Mizuho Securities.'Short-term fix'Still, this is not a long-term solution, as releasing barrels from emergency reserves doesn't solve the underlying supply-demand mismatch.
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