Gas Prices Headed Down? Biden Releases More Oil From Strategic Petroleum Reserve
ByJack BuckbyPublished18 hours ago
Will gas prices come down from this? On Tuesday, the United States Department of Energy announced that it would sell an additional 45 million barrels of oil from the Strategic Petroleum Reserve as part of efforts to drive down the cost of gasoline across the country.
The news comes as the national average price for a gallon of gas at the pump surpasses $5, with analysts predicting that prices will surpass $6 by the end of the summer.
President Joe Biden announced the largest-ever release of oil from the Strategic Petroleum Reserve, a stockpile of oil designed to provide the United States with an emergency supply in a time of crisis, in March this year.
The White House announced plans to gradually release 180 million barrels of oil at a rate of 1 million barrels per day over a period of six months, with the intention of driving down rapidly-rising prices. At the time, the president blamed rising prices on oil companies and warned of prices rising even higher as a result of Russia’s invasion of Ukraine.
https://www.19fortyfive.com/2022/06/gas-prices-headed-down-biden-releases-more-oil-from-strategic-petroleum-reserve/
