Biden is selling gasoline reserves to keep prices low before the election

Policy


WASHINGTON — The Biden administration announced Tuesday that it will sell 1 million barrels of emergency-reserved gasoline — with the Energy Department explicitly signaling its interest in keeping gas prices low during the summer driving season before the November election.

The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve created in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area.

The Biden administration announced it will sell 1 million barrels of emergency seized gasoline. AP
The fuel will be released from gasoline supply reserves in the Northeast. Reuters

“The Biden-Harris administration is laser-focused on lowering prices at the gas station for American families, especially as drivers hit the road for the summer driving season,” Energy Secretary Jennifer Granholm said in a statement. a permit.

“By strategically releasing this reserve between Memorial Day and the Fourth of July, we are ensuring adequate supply flows to the Tri-State and the Northeast at a time when hardworking Americans need it most.”

Critics, including Republicans in Congress, slammed Biden’s move as an attempt to buy votes — after similar claims were made about Biden trying to forgive hundreds of billions of dollars in federally owned student loan debt in the run-up to the election.

Senator Mike Lee (R-Utah) accused Biden of “again using America’s emergency fuel reserves to cover his disastrous inflationary policies in an election year.”

“Releasing 1 million barrels of gasoline from Northeast reserves is a desperate move by Joe Biden to lower the prices he raised,” Sen. Marsha Blackburn (R-Tenn.) tweeted. This reserve is for emergencies, not as a cover. – In response to Biden’s failed economic policies.

See also  Stocks rebounded from today's lows, with the Dow Jones briefly turning positive
Nearly 8.94 million barrels of gasoline were used per day in America as of 2023. Reuters

Skeptics have pointed out that the complete depletion of the North East reserve, which was approved in the government’s spending bill in March, is unlikely to significantly impact prices – which are currently averaging $3.60 for a regular gallonfrom About $2.38 When Biden took office, it stood at $3.54 this time last year, according to AAA data.

The United States used about 8.94 million barrels of gasoline per day as of 2023. according to US Energy Information Administration, meaning Tuesday’s release will cover less than three hours of average US consumption.

“A sarcastic political move. “Like a drop in the ocean” books One X user.

Staten Island Rep. Nicole Malliotakis (R-New York) chirp“He must reverse his harmful anti-energy policies.”

“Depleting our emergency reserves while discouraging domestic production. What a winning strategy!” chirp Gabriela Hoffman, Director of Energy and Conservation at the Independent Women’s Forum.

“under [former President Donald] Trump, it was a drill, baby, a drill. Under Biden, it’s “attrition, baby, attrition.” chirp Charles Correll III, speechwriter for Senator John Barrasso (R-Wyoming).

The Strategic Petroleum Reserve (SPR) Bryan Mound storage facility is located in Brazoria County, Texas. Reuters

While Republicans criticized Biden, the White House issued a statement Tuesday afternoon saying his energy policies focused on promoting environmentally friendly technologies have helped consumers.

“This builds on other actions President Biden has taken to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest investment ever in clean energy,” press secretary Karine Jean-Pierre said.

“As Republicans in Congress struggle to preserve tax breaks for Big Oil at the expense of hard-working families, President Biden is promoting a safer, affordable, and clean energy future to lower utility bills while helping record U.S. energy production meet our immediate needs.”

See also  Massive Ethereum Upgrade Launched - Here's What It Does

Energy costs have risen sharply under Biden — contributing to a broader wave of price increases that Republicans attribute to the incumbent’s policies and big spending bills. Democrats generally attribute the rise in inflation to factors such as supply chain bottlenecks due to the coronavirus, the war between Russia and Ukraine and alleged corporate greed.

Energy costs in the United States have risen by 38% since Biden took office, according to Data from the Bureau of Labor Statistics. These costs include an approximately 30% jump in electricity prices.

Total US consumer costs up to 20% Since Biden took office, affecting his re-election chances as he faces a rematch on November 5 against Trump.

In addition to his pending plans to deplete gasoline reserves, Biden has depleted about 43% of the crude oil held by the Strategic Petroleum Reserve in an attempt to keep prices low.

The US government reserve held more than 638 million barrels of crude oil when Biden took office. It currently owns less than 361 million barrels of crude oil. according to Federal data.




Load more…









https://nypost.com/2024/05/21/us-news/biden-sells-off-gasoline-reserves-to-keep-prices-low-before-election/?utm_source=url_sitebuttons&utm_medium=site%20buttons&utm_campaign=site 20% buttons

Copy the share URL

Leave a Reply

Your email address will not be published. Required fields are marked *