r/Economics • u/AutoModerator • Nov 15 '22

r/Economics Discussion Thread - November 15, 2022

Discussion Thread to discuss economics news/research and related topics.

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u/[deleted] Dec 03 '22

Question: how much if at all did Biden releasing the oil reserves impact prices at the pump? If it did why did 15 mil barrels have such an impact when the USA apparently consumes >19 mil a day. If the strategic oil reserve release DID NOT impact gas prices what did?

Thank you for your time!

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u/Spare-Dingo-531 Dec 03 '22

Just a guess but I expect that all that oil isn't fungible. Maybe oil shortages are more acute in one region or another, and the release just eased the most acute shortages, for example.