The Biden administration’s unprecedented , coordinated attempt to tame oil prices by authorizing one of the biggest ever draw-downs of U.S. crude reserves has elicited a collective shrug from the shale patch. Industry players generally agreed that the move will have a limited effect on lowering gasoline prices — which was President Joe Biden’s ultimate goal with the planned release of 50 million barrels of crude from the U.S. stockpile, known as the SPR. China, Japan, India, South Korea and the U.K. will also release oil from their reserves. Bryan Sheffield, managing partner at Formentera Partners The release got factored into oil prices weeks ago but now it’s “old news,” Sheffield said by email. If the move succeeds in lowering oil prices, that could discourage producers from ramping up production and ultimately exacerbate the “bottleneck issues” created by strong demand and too little supply, he said. Peter Sutherland, president […]