BREAKING: President Biden is preparing to order the release of up to 1 million barrels of oil per day from the nation’s strategic petroleum reserve in a bid to control energy prices.
The markets reacted quickly to the likely release from the strategic reserve with crude oil prices dropping 6% on Thursday morning to roughly $101 a barrel. Still, oil is up from roughly $60 a year ago as supplies have not kept up with demand as the world economy began to rebound fromAmericans on average use about 21 million barrels of oil daily, with about 40% of the consumption devoted to gasoline, according to the U.S. Energy Information Administration.
Oil producers have been more focused on meeting the needs of investors than consumers, according to a survey released last week by the Dallas Federal Reserve. About 59% of the executives surveyed said investor pressure to preserve “capital discipline” amid high prices was the reason they weren’t pumping more, while fewer than 10% blamed government regulation.
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