Biden’s Use of Oil Reserves Likely Too Little, Too Late for Thanksgiving Gas Prices

Biden’s Use of Oil Reserves Likely Too Little, Too Late for Thanksgiving Gas Prices

President Joe Biden on Tuesday ordered the release of oil from emergency reserves in an effort to quell rising gas prices ahead of the holiday season. However, experts say Americans may not notice much of a difference at the pumps when they're on the road for Thanksgiving celebrations.

"It's unlikely to have an immediate impact by Thanksgiving," Devin Gladden, a spokesperson for the American Automobile Association (AAA), told Newsweek. "Although we will see some incremental decreases, we're not expecting this to have a long-term impact. But it certainly will have an impact."

China, India, Japan, South Korea and the United Kingdom have also all committed to opening up their oil reserves in an effort to help fight global oil prices. Gladden said how the market will be affected will depend, in part, on how much and when those countries join the effort.