Gas prices are the highest they've been in seven years.

As the holidays near, Americans are hoping for relief, but experts say it may not happen in time for the holidays and will be temporary. 

President Biden along with five other countries is adding to the world's oil supply by tapping into our emergency reserve, called the Strategic Petroleum Reserve.

The idea is that by adding 50-million barrels of oil into the supply chain, the price of oil would go down, in hopes of trickling down to the gas pumps.

"So what they are doing right now is out of what they have purchased in the past, and is reserved for emergency uses, they're just selling some of it," Kent State University Economist, Dr. Omid Bagheri said. 

Experts predict the best case scenario is this could potentially save you 10-15 cents per gallon, but Bagheri said there are some big factors to consider that could essentially undo these efforts.

One of them is OPEC, the global oil cartel.

"They could always decide and sit together and have a meeting and decide to decrease their amount of production and the whole effort would cancel out right away," Bagheri said,  "Temporarily this action of President Biden and the other countries working with him on this can decrease the price of oil in the world, but that cannot be for good. Even if OPEC does not react that cannot go forever."

He also said you may not see cheaper gas prices in time for the holidays if the efforts do go as planned because refineries already have contracts with oil producers.

"They have already purchased and signed contracts with oil producing countries for a long time," he said, "So they are still working with the old prices, not in the near future they can change the cost of production."

He also points out other factors like the trucker shortage and a lot of holiday travel that are impacting the gas market itself. If those factors have a bigger impact than Biden's efforts, that could also negatively affect gas prices.