Biden’s plan to tap oil reserves: What’s the impact?
Spectrum News: Jonathan Ernest, assistant professor of economics at Weatherhead School of Management, discussed the Biden administration’s plan to sell an additional 15 million barrels of crude oil from the country’s strategic oil reserves. “Tapping into this strategic reserve essentially just means that the country has strategically stockpiled an amount of oil and we’re releasing some of that out into the market,” Ernest said, adding that the move is aimed at keeping gasoline prices “a bit lower,” and helping manage supply chain disruptions.