WLWT: UC economics professor reacts to release of oil reserves
Asawari Deshmukh warns that it could be weeks before gas prices drop
In an effort to stave off rising gas prices caused by Russia’s invasion of Ukraine, President Joe Biden announced Thursday that he will tap into the nation’s strategic oil reserves.
Asawari Deshmukh, assistant economics professor-educator at the University of Cincinnati Carl H. Lindner College of Business.
By releasing 1 millions barrels per day over the next six months, Biden estimated the move could drop gas prices somewhere between 10 to 35 cents.
Asawari Deshmukh, assistant economics professor-educator at the University of Cincinnati Carl H. Lindner College of Business, told WLWT that it could be weeks before drivers witness price drops.
“For this announcement to actually take effect, and this crude oil to reach the market, it takes about a week or 10 days, and then it would take another few weeks for it to really show,” Deshmukh said.
Biden’s decision is not a long-term fix, but Deshmukh said this is a prudent time to release the reserves.
“It's a world emergency, so why not use it now?” Deshmukh said. “And we do replenish those reserves.”
Impact Lives Here
The University of Cincinnati is leading public urban universities into a new era of innovation and impact. Our faculty, staff and students are saving lives, changing outcomes and bending the future in our city's direction. Next Lives Here.
Related Stories
Colorado silica dust trial could change the way industry does business
May 17, 2026
Betsy Malloy, Andrew Katsanis Professor of Law, at the University of Cincinnati, spoke with Bloomberg Law about how a Colorado trial could change the way the stone fabrication industry does business.
Will a gas tax help lower prices at the pump?
May 14, 2026
WCPO recently reported on Kentucky and Indiana’s steps to combat surging gas prices, cutting and suspending state gas taxes, respectively. UC economist Michael Jones explained the impact on Cincinnati.
Is a colonoscopy painful?
May 13, 2026
The University of Cincinnati's Susan Kais, MD, assistant professor of clinical medicine in the Division of Gastroenterology and Hepatology in the College of Medicine and UC Health gastroenterologist, recently appeared on the ARC Cincinnati morning program on Local 12/WKRC-TV to answer common questions from viewers about colonoscopies and to dispel myths.