Thomas Catenacci
Energy & Environment Reporter
April 04, 2022 11:46 AM ET
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.
The Brent crude index, the global oil benchmark, increased to $108.07 per barrel Monday morning, surging more than 3.1% overnight. The U.S. WTI index skyrocketed more than 3.4% past $103 per barrel Monday.
“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 (SPR) 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. However, White House economic adviser Jared Bernstein noted that SPR releases were a “time-limited function” during a press briefing on Friday.
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https://dailycaller.com/2022/04/04/joe-biden-strategic-petroleum-reserve-oil-gasoline-prices/
