How Biden’s Huge Strategic Oil Release Could Backfire

This week, the Biden administration revealed that it will release as much as 180 million barrels of crude oil in a bid to calm oil prices, which have remained above $100 per barrel for an extended period of time. The International Energy Agency, meanwhile, is coordinating a smaller but international reserve release of some 60 million barrels and has called an emergency meeting to discuss how exactly to go about it.  It remains unclear whether part of the 180 SPR release in the United States will be a completely separate endeavor or if some…