One reason why oil prices are soaring

With crude oil prices hitting five-year highs and gas at the pump following right along, consumers are wondering what’s next.

President Joe Biden has released 8% of the U.S. strategic petroleum reserves in an attempt to cool prices. But it has made little difference. The 50 million barrels set loose are only about half of a normal day’s flow in global markets. As large a player as the United States is, the global petroleum market is larger yet.