US oil reserve release has limited impact, analysts say

After weeks of growing concerns over rising gas prices across the country, President Joe Biden on Tuesday ordered the Energy Department to release 50 million barrels of crude oil from the country’s emergency reserves.

“American consumers are feeling the impact of elevated gas prices at the pump and in their home heating bills, and American businesses are, too, because oil supply has not kept up with demand as the global economy emerges from the pandemic,” the White House said in announcing it was tapping the Strategic Petroleum Reserve.

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