The Biden administration’s unprecedented, coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the shale patch.
Industry players generally agreed that the move will have a limited effect on lowering gasoline prices -- which was President Joe Biden’s ultimate goal with the planned release of 50 million barrels of crude from the U.S. stockpile, known as the SPR. China, Japan, India, South Korea and the U.K. will also release oil from their reserves.
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November 24, 2021 at 02:26AM
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Shale Patch Sees Limited Impact from Biden's Unusual Oil Release - Bloomberg
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