I don't know whether this article is true or not given the date controversy but this seems like an unnecessary move. I've noticed the price at the pump holding steady or dropping the last couple of weeks so it doesn't seem like there is a sudden tightness. I will admit I don't follow oil prices daily but it doesn't seem like there is a crisis requiring the release of strategic reserves.
OK have seen it reported on other news sources. Anyway I still don't see how necessary of a move this is.
Necessary? Probably not. If anything, I'd think you'd have done it when oil was $100+ in that scenario. It's hard to argue it's necessary now but not then. But if you're the admin and you want stimulus and Congress won't give you anything, this is one way to do it. If you can cut oil prices by 5-10%, that's an immediate boost to the consumer. And the admin has support from the IEA now, as other countries are also releasing oil simultaneously, so you get more impact from the move.
