The Biden administration announced Tuesday that it will tap into emergency gasoline reserves to sharply lower prices ahead of the 2024 election.
Department of Energy (DOE) announced announced the release of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve (NGSR) with the express purpose of lowering gas prices. The NGSR was established after Superstorm Sandy to provide energy supply to the Northeast in the event of an emergency or significant disruption and serve as a de facto extension of the Strategic Petroleum Reserve (SPR). according to To the DOE.
Energy Secretary Jennifer Granholm said of the announcement, “The Biden-Harris Administration is focused on lowering prices for American households, especially as drivers head out for the summer driving season.” said. “The strategic release of this stockpile between Memorial Day and the Fourth of July will ensure an adequate flow of supplies to the tri-state and Northeast region at a time when hardworking Americans need it most. ” (Related: Biden’s choice to deplete critical oil reserves leaves US more vulnerable to rising war risks, experts warn)
$5 gas could return after Biden administration depletes Strategic Oil Reserve https://t.co/5T97SImRFg
— Daily Caller (@DailyCaller) October 26, 2023
Nationwide, the current average price per gallon of gas at the pump is about $3.60. according to Up to AAA. Prices are generally higher than average in Northeast markets, which are likely to benefit most from Tuesday’s release.
The national average price for a gallon of gas has fallen over the past month, but is still higher than it was at this time last year, according to AAA. About 900,000 barrels will be withdrawn from a storage facility in Port Reading, New Jersey, and the rest from a reserve in South Portland, Maine, the DOE said.
The Biden administration announced that 200 million The supply of barrels from SPR has declined in the months leading up to the 2022 midterm elections, as rising gas prices have become a political headache for President Joe Biden and his fellow Democrats. Millions of barrels have been sold to Chinese companies, and despite government replenishment efforts, the SPR is currently at its lowest level in nearly 40 years. according to To the U.S. Energy Information Administration.
Neither the DOE nor the White House immediately responded to requests for comment.
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