Biden is seeking to release 180 million

The Biden administration is considering releasing up to 180 million barrels of oil over several months from the Strategic Petroleum Reserve (SPR), four U.S. sources said on Wednesday, as the White House tries to lower fuel prices.

I think the biggest thing is that this probably signals Russia is about to cut off gas/oil to europe. Remember, a central bank sanction that prevents you from using any EUR/USD you earn from exports means you no longer have any incentive to sell oil and gas. I think the SPR release probably is in preparation for this. IF this ends up happening, expect oil to rise shortly to $200. Many energy plants are duel fuel, meaning they can switch fuel sources from Nat to Diesel to crude pretty easily. Given NG prices are already $200/barrel equivalent, you can expect Europeans to buy up any barrels of oil below $200 in a mad dash scramble.