Biden’s move, which explicitly targets oil prices rather than a specific emergency, affects Beijing’s trading pattern more. Historically, US SPR has been “dead oil”, removed from the market and unlikely to be used except under the most extreme circumstances. If this release heralds a more interventionist approach, it would represent an important shift in the oil market – and a signal to the old preoccupation with scarcity. rare, which stemmed from the supply shocks of the 1970s, will disappear.
https://www.washingtonpost.com/business/energy/bidens-stock-and-awe-oil-offensive/2021/11/23/5352f33a-4c79-11ec-a7b8-9ed28bf23929_story.html?utm_source=rss&utm_medium=referral&utm_campaign=wp_business Biden’s oil attack – The Washington Post