Analysis-Biden White House wades into oil market management with stockpile release

Published by
Reuters

By Timothy Gardner and Richard Valdmanis (Reuters) – U.S. President Joe Biden’s decision to tap the nation’s emergency oil stockpiles marks the first time in two decades that a president has used the reserve to tame energy prices instead of tackle a supply disruption. The release also marks the first coordinated release with consuming nations outside the auspices of the West’s energy watchdog, the International Energy Agency. Biden announced on Tuesday the United States will release 50 million barrels of oil from the U.S. Strategic Petroleum Reserve in coordination with stockpile releases from…

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