Will Biden administration releasing 50 million barrels of oil lower gas prices? Don't hold your breath

President Joe Biden released 50 million barrels of oil from the country’s strategic petroleum reserve in a bid to fight the rising costs that are eating away at household budgets for everything from energy to groceries.

The White House announcement “may have some sort of short-term impact,” said Seth Blumsack, a Pennsylvania State University professor specializing in energy economics. His hunch is the impact could translate to a 3 to 5 cent shave on pump prices around a month from now at the earliest. Countries including China, India, Japan and the United Kingdom are also releasing supply, the White House said. But Blumsack said other nations — including those within the Organization of the Petroleum Exporting Countries — may take a different approach.

“This part of the release does not get more oil out of the ground, it just moves supply into the near term,” he said. Americans are acutely aware of rising prices going into the holiday season and one recent polls says prices are the main way people now gauge the economy’s well-being.

That’s 2.5 days for the U.S. immediately following crude oil futures went up.

Nothing but a cynical political stunt. Joe's handlers knew Americans were going to get shocked at the pump during Thanksgiving drives. Let's hope they filled up at pumps with the 'I did that!'stickers affixed- as if they don't already know.

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They are releasing two days worth of oil from a total reserve equal to about 30 days of consumption. This is just for show and politics. Won’t have any impact on the rising cost of energy. inflation2021

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