Oil prices shot up Monday despite President Joe Biden's plan to curb gasoline prices by releasing a million barrels of emergency oil reserves daily.
"Will the release of barrels from strategic reserves fill a shortfall caused by sanctions and buyer aversion to Russian oil? In a word, no," Stephen Brennock, an analyst at PVM Oil Associates, told Reuters.
Biden announced Thursday that he ordered the Department of Energy to release a million barrels of oil stored in the Strategic Petroleum Reserve every day for six months.
The following day, the International Energy Agency said its 31 member nations pledged their own separate release of 62.7 million additional barrels of oil.
The president remarked Thursday that the U.S. release of emergency oil reserves would lead to gas prices declining by up to 35 cents a gallon.
Biden released 50 million barrels of oil in November and another 30 million barrels on March 1.
On Monday, oil prices again seemed unfazed by the historic global oil stockpile releases, rising on continued concerns about the impact of declining Russian energy output and lack of progress on a renewed Iran nuclear deal, Reuters reported.
https://dailycaller.com/2022/04/04/joe-biden-strategic-petroleum-reserve-oil-gasoline-prices/
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