Tortoise Senior Portfolio Manager Rob Thummel in USA Today

Will gas prices ease with Biden’s release from strategic reserve? Experts say it’s not enough

One million barrels of oil will be released per day over the next six months in an effort to help lower gas prices that have soared since Russia’s invasion of Ukraine.

President Joe Biden’s move to release up to 180 million barrels of oil from the nation’s emergency reserve is a step in the right direction to help lower record-high gas prices, petroleum experts said Thursday, but it’s likely not enough for consumers to see relief at the pump.

“I don’t want to say it’s insignificant, but it’s not the amount we need,” said Tom Seng, an assistant professor of energy business at the University of Tulsa Collins College of Business.

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