“The staggering size of the release — more than triple the prior record, set just four months ago – is aimed at cushioning the loss of Russian oil sidelined since the invasion began.
“This is the mother-of-all SPR releases,” Tom Kloza, global head of energy analysis at the Oil Price Information Service, told CNN.
Although the administration’s shock-and-awe campaign should help in the short term, it won’t make gas cheap again. In fact, industry experts warned that pump prices may very well set new records this spring and summer, although perhaps not as high as previously feared.
“We’re not going to see a collapse in oil markets,” Kloza said.”
“Kloza now sees the national average for regular gas maxing out at $4.50 a gallon this year, compared with his prior call for $4.75 a gallon.”