Other countries will do their same with their reserves to try and rive down the effect of higher gas/oil prices on their economies….
The oli producing countries will not reduce the price of their product….
Increased flowing of petroleum should drive down their prices anyways….
The move by Mr. Biden is a shot across the bow of OPEC Plus, the name for the Organization of the Petroleum Exporting Countries along with Russia and other countries. Mr. Biden has pushed OPEC Plus to increase production, but has been rebuffed.
The decision to tap the U.S. stockpile of crude, the largest in the world with 620 million barrels, was a way for the president to show the administration’s focus on rising gas prices, which have stoked anxiety among Americans amid declining approval numbers for the administration…
Millions of American drivers have acutely felt the recent surge in gas prices, which last month hit their highest level since 2014. The national average for a gallon of gas is $3.41, which is $1.29 more than it was a year ago, according to AAA. Even after a recent price dip in crude oil, gasoline remains 7 cents more per gallon than it was a month ago.
Consumers are seeing a steady rise in the prices of many goods and services, but the cost of gas is especially visible.
Steeper gas prices are pushing people to rejigger household budgets, sometimes by forgoing leisure activities and in other cases by cutting back spending on essentials. Many are trying to save by spending less time on the road, a difficult proposition as the holiday season approaches, and with it the temptation to make up for the lost celebrations of last year….