Biden announced Tuesday that the United States will release 50 million barrels of oil from the U.S.
“The consequences could be subtle but pervasive,” said Benjamin Salisbury, an energy policy analyst at Height Capital Markets.
While Biden’s decision to use the reserve to lower prices is unusual, it is not unprecedented.
share, officials said some 32 million barrels will be offered as a exchange in which oil companies taking the crude must return it later plus interest.