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US Treasury: Exec Action Cut Price Of Oil USD$0.13-0.33 Per Gal


The US Treasury has released a statement claiming that executive action order by President Biden to release 180 million barrels of oil from the United States' Strategic Petroleum reserve has led to drop in the price of oil between USD$0.13-0.33 per gallon.

  • The figure rises to up to USD$0.42 when the 60 million barrels released by the International Energy Administration is added to the equation.
  • The Treasury concedes that "is it unclear how much of these changes in oil prices were passed through to retail gasoline and diesel prices."
  • The statement continues: "...refining markets have been very tight, and it’s possible that a $1 change in crude oil would not lead to an equal decline in the retail price of gasoline."
  • White House Deputy Communications Director Kate Berner: "It's all there in the headline: releases from strategic petroleum reserves that POTUS authorized and led cut the price of gas by up to 40 cents per gallon."

The Price Impact of the Strategic Petroleum Reserve Release US Department of Treasury

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