In a bid to curtail inflation, President Biden has announced an injection of 50 million barrels of US oil into the markets from the US strategic reserve and secured similar agreements from allies China, India, Japan, South Korea and the UK. But strategic reserves can provide only a short-term fix, and the fact that OPEC+ has refused to budge on its supply cuts suggests turbulent times ahead. The move comes amid lingering concerns of inflation. High oil prices mean high gasoline prices at the pump, and higher prices for transport are knocked onto the price of goods across the economy. The same applies to oil-based heating Oil supply has not risen in line with demand through the global recovery from…