The price of oil has dropped nearly $4 since the International Energy Agency announced they will release 60 million barrels from their reserves Wednesday.
The agency says the move will offset the gap in supply from the turmoil in Libya.
The reserves are expected to drop gas prices even further.
Though that's good news for consumers, Coastal Carolina University Economist Rob Salvino says the news to tap into reserves was surprising.
"I've talked to several economists, and they feel the same way," says Salvino. "Because prices have been thawing out from the highs in April, and it looked like the market was working itself out."
U.S. oil reserves account for half of what the IEA plans to put out in the next 30 to 40 days.
Salvino says releasing oil reserves to make up for the Libyan crisis now is a little late.
"I think this is a political move and not an economical move. This comes on the heels of U.S. Federal Reserve Chairman Ben Bernanke, a native of Dillon County, saying the economic crisis is staying around longer than expected."
He believes the more oil on the market will ease gas prices, but only for now because oil is not expected to come out of Libya for the rest of the year.
"We don't have that strong of demand in the first place so filling the supply with 60 million barrels for the next 30 days, it's surprising like I said before."
What do you think about the government's decision to tap into our oil reserves?
