Will Biden’s SPR release lower gas prices?

President Biden’s move to release about 180 million barrels of oil from the U.S.’s strategic reserve is expected to result in a modest drop in gasoline prices.

Patrick De Haan, head of petroleum analysis at gasoline price website GasBuddy, said that prices could drop by 10 to 20 cents per gallon as a result of Biden’s announcement that oil will be released from the Strategic Petroleum Reserve (SPR).

But he warned that exactly where prices will land in the coming weeks is unclear, since the release isn’t happening in a vacuum and other factors may drive prices up or down.