President Biden will release about 1 million barrels of oil a day into the market. Here’s what you need to know about the potential impact at the pump.
to release roughly 1 million barrels of oil a day from the Strategic Petroleum Reserve for about six months. The release would be the largest in the reserve’s nearly 50-year history. But it’s difficult to predict how effective it will be in relieving the pain at the pump.The reserve is the country’s emergency supply of oil. It’s housed underground in dozens of caverns among four salt domes along the coasts of Texas and Louisiana.
“There’s no firm answer,” Biden said Thursday. “It could come down the better part of, you know, anything from 10 cents to 35 cents a gallon. It’s unknown at this point.” Biden said he’s waiting to see whether U.S. allies contribute to the release. “My guess is it could be as high — somewhere between 30 million to 50 million barrels. And the higher the number, the more likely the prices to come down.
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