“The bottom line is if we want lower gas prices we need to have more oil supply right now,” Biden said. Tapping the stockpile would create pressures that could reduce oil prices, though Biden has twice ordered releases from the reserves without causing a meaningful shift in oil markets. Biden said Thursday he expects gasoline prices could drop “fairly significantly.”Part of Biden's concern is that high prices have not so far coaxed a meaningful jump in oil production. The markets reacted quickly with crude oil prices dropping about 6% in Thursday trading to roughly $101 a barrel. The U.S. is producing on average 11.7 million barrels daily, down from 13 million barrels in early 2020.

Source: ABC News March 31, 2022 22:33 UTC