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Why is Biden tapping the strategic oil reserve, and will that lower gas prices?

5 min read . Updated: 27 Nov 2021, 06:31 PM IST Timothy Puko, The Wall Street Journal

Coordinating with other countries to have a larger release is one way to try to ensure prices decline. If prices do fall, other market forces could push them back up again (Photo: Reuters) — Coordinating with other countries to have a larger release is one way to try to ensure prices decline. If prices do fall, other market forces could push them back up again **(Photo: Reuters)**

Biden administration says it will release 50 million barrels of oil in a coordinated effort with other countries

The Biden administration said Tuesday that it would release 50 million barrels of oil from its Strategic Petroleum Reserve in a coordinated effort with other countries to bring down gasoline prices.

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