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Officials stressed that the White House is continuing to weigh other options to address high gasoline prices. West Texas Intermediate rose 2.3% after the announcement on Tuesday while Brent oil, the international benchmark, climbed as much as 3.3%.Ī White House official downplayed the tepid market reaction Tuesday, asserting that this move was never about a single day’s oil price, but rather ensuring adequate supply. After an initial dip in prices, oil gained.
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Much of the crude will need to be returned to the stockpile later by the companies that buy it, the type of crude being released isn’t relished by refiners and international contributions were smaller than many expected. The oil market was underwhelmed by the details of the package.
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Diesel fuel prices fell 0.3% over the same time period, hitting $3.724 per gallon. fuel prices were already falling before Biden’s move, with retail gasoline prices declining 0.2% to $3.271 per gallon during the week that ended Nov. “If the Biden administration hadn’t spent so much time telling folks something was coming, they might have been in a better position to just sit and wait,” said Kevin Book, managing director of research firm ClearView Energy Partners. The reduction in oil and gasoline prices is muted in part because traders had already factored in the SPR release, after weeks of White House indicating it was in the works. “Motorists will get some decline in prices but it will be on the smaller side.” “It’s a little bit disappointing,” he added. should decline 5 cents to 15 cents in the next two weeks. Patrick DeHaan, senior petroleum analyst at, said pump prices in the U.S. The drop in crude oil prices over the past three weeks, partly because of the Biden administration’s signaling of Tuesday’s decision, should cause retail gasoline prices to drop by 10 cents or more per gallon through mid-December, said Bob McNally, president of consultant Rapidan Energy Group. Biden has to ease inflation concerns that are causing political blowback to his Build Back Better agenda, as well as “hurting the president’s rate of approval in polls and clouding Democratic prospects in the midterm elections,” said Jim Lucier, managing director of Capital Alpha Partners. Although some progressives opposed a second term for Powell, the Fed chair drew broad bipartisan support.įor consumers, high retail gasoline prices are a chief indicator of inflation. While economists believe rising inflation is due to unprecedented consumer demand following the pandemic shutdowns, Republicans have blamed Biden and his economic policies.īiden’s picks of Jerome Powell and Lael Brainard as chair and vice chair of the Federal Reserve earlier this week help him avoid a contentious Senate confirmation battle heading into a midterm election year in which inflation looms as a major issue. consumer price index, a broad survey of inflation, increased 6.2% last month from October 2020, the fastest annual pace since 1990. And a Washington Post-ABC News poll published earlier this month found that 70% of Americans regard the economy negatively, despite substantial growth in employment and economic output under Biden. Just 43% of voters approve of his job performance, according to an analysis of polls by FiveThirtyEight.
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“I will do what needs to be done to reduce the price you pay at the pump,” Biden said.īiden spoke as doubts about his handling of the economy were mounting. He said his action would “span the globe in its reach and ultimately reach your corner gas station - God willing.” (Bloomberg) - American consumers can expect a small break in gasoline prices from President Joe Biden’s decision to tap the nation’s oil reserves, though the move risks falling short for voters already bristling at his handling of the highest rate of inflation in decades.Īlthough oil prices actually rose after the announcement, analysts estimated the release coordinated with other nations could ultimately shave 10 cents per gallon from retail gasoline prices that have been hovering around a seven-year high.īiden, in remarks from the White House after the announcement, asked for patience.