The Biden administration is releasing about 1 million barrels of spare gasoline supplies as part of an effort to lower pump prices in the northeastern United States.
In a statement about the announcement, Energy Secretary Jennifer Granholm on Tuesday described the effort as a “strategic release of this reserve between Memorial Day and the Fourth of July.” He said he did.
She said this is being done to “ensure there is sufficient supply in the tri-state area and the Northeast at a time when hardworking Americans need it most.”
“The Biden-Harris administration is focused on lowering prices for American families, especially as drivers head out for the summer driving season,” Granholm added.
Gasoline prices typically rise in the summer as Americans head out into warmer weather and summer vacations.
Gasoline prices are often influenced by business cycles and global factors, but the president has limited influence. Nevertheless, prices are often subject to political scrutiny, especially in election years.
The government said the barrels would be sold in units of 100,000 barrels. Most will be sold from a gas depot in Port Reading, New Jersey, but some will be sold from a site in South Portland, Maine.
In fact, gas prices are currently lower than they were a few weeks ago, averaging about $3.60 nationwide. American Automobile Association (AAA). According to AAA, the average price was $3.61 a week ago and $3.67 a month ago.
When it separately released crude oil from the Strategic Petroleum Reserve in 2022 to lower prices, it received significant backlash from Republicans, who argued that the barrels should have been saved for emergencies.
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