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What does tapping the Strategic Petroleum Reserve mean for oil and gas prices?

The Biden Administration will be tapping into 50 million barrels of oil.

MIDLAND, Texas — Since life is becoming closer and closer to normal, people are traveling more, spending more money and using more gas.

"Consumption rose pretty quick, it's estimated right now the world is using about 101 million barrels of crude oil a day, and probably at the beginning of the pandemic we were at about 97 million," said Tommy Taylor, Director of Oil and Gas Development at Fasken Oil and Ranch, Ltd.

This led to higher gas prices, and on Tuesday, the president announced he will be using U.S. oil reserves to drive those prices down. However, that might not be enough.

"That's the problem with it, it really isn't a long term solution," said Taylor. "It might lower the price temporarily for a few days, but you know 50 million barrels is only about two and a half days of consumption in the United States."

In fact, after the president's announcement, oil prices went up.

"You could even see the market today, after the announcement was made, the price of oil went up a couple of dollars, so I think the market has already factored in that he was going to release some oil," said Taylor.

And the release of the reserves has happened before.

"It's been tried historically over the years, you just don't see," said Taylor. "It's just not enough, you need that much oil quarterly for a long period of time to really affect it."