Nick Loris was quoted in Daniella Genovese’s reporting for The New York Post about high gas prices.
“Meanwhile, Nick Loris, C3 Solutions vice president of Public Policy, told FOX Business, the additional 15 million barrels will help, ‘but not very much.’
Loris said that the barrels will be spread out over a 30-day period and on one day alone, America consumes about 20 million barrels.
‘On a global level, the 15 million barrels equates to a few hours’ worth of consumption,’ he said. ‘That’s not really going to move the needle on prices at the pump, especially because the market is already anticipating the release of the reserves.’
Still, Loris noted that it’s ‘challenging to accurately isolate the release’s effect on the market because of all the other variables that affect the global oil market.'”
Read the full article here.