Biden isn’t releasing the Strategic Petroleum Reserve oil to U.S. refiners to lower U.S. gas prices, he’s putting it on the open spot market for worldwide bidding.
I am hard pressed to think of any legitimate reason to bother releasing 15M barrels, even political reasons. That’s barely enough oil to last the US about 18 hours, and the entire world just 4 hours. Makes no sense.
Oil was up $3 today, fwiw.