s0nicfan posted... https://gamefaqs.gamespot.com/a/user_image/9/4/9/AABJX0AAC889.jp
Safe to assume you didn't read either article to see why the headlines were what they were.
From the first:
But experts are skeptical that accessing the SPR would make a real difference, and predict a fleeting impact on prices should Biden go that route.
That's because the reason US oil prices have climbed by nearly 70% this year to above $82 per barrel has to do more with persistent trends than short-term factors.
"It's the wrong tool to address the current elevated prices," UBS analyst Giovanni Staunovo told me. "The strategic oil reserves usually help during a temporary disruption."
The run-up in prices has been triggered by a surge in demand for fuel as the global economy recovers from its pandemic slump, as well as limited investment in boosting production outside of the Middle East. Those shifts may not be transitory.
In the past, when energy prices rose dramatically, that was incentive enough to push American firms to start spending more to boost output. This time around, however, that funding is harder to come by. Investors are less likely to back long-term projects as they weigh the consequences of the climate crisis. They're also pushing companies to keep costs low and focus on returning money to shareholders after the twin price shocks in 2015 and 2020.
From the 2nd:
But Bjornar Tonhaugen, head of oil markets at the consultancy Rystad Energy, told me that the biggest factor driving prices right now is the expected release of strategic reserves from the United States and China.
According to the White House, US President Joe Biden and Chinese President Xi Jinping discussed the "importance of taking measures to address global energy supplies" during their virtual summit this week. That sparked chatter about a coordinated move initiated by the White House to put millions of barrels of oil on the market.
Thursday brought some signs that China is taking action. Reuters reported that the country's state reserve bureau said it was working on a release, though the exact details remain murky.
So, just like LITERALLY EVERY PRESIDENT BEFORE HIM, the only thing Biden can do is order the release of oil from the reserves. The first article LITERALLY states that's all he can do. He finally decided to do it a week later, and prices went down.