President Joe Biden prepared to use oil reserves again to lower gas prices
By
Washington Examiner Staff
June 17, 2024 5:29 am
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President Joe Biden is prepared to release more oil from the country’s strategic reserves if gas prices increase during summer. This is the latest plan by the Biden administration to counter higher prices at the pumps and the more expensive prices on various goods due to inflation.
A Biden administration energy advisor suggested that gas prices were “still too high” for many in the country and that he favors taking action to “cut them down a little bit further.”
“We will do everything we can to make sure that the market is supplied well enough to ensure as low [a] price as possible for American consumers,” Special Presidential Coordinator for Global Infrastructure and Energy Security Amos Hochstein told the Financial Times. “I think that we have enough in the SPR if it’s necessary.”
Hochstein’s admission comes less than a month after the Biden administration announced it sold one million barrels of gasoline in the Northeast Gasoline Supply Reserve on May 21, less than a week before Memorial Day. At the time, the Department of Energy claimed that the sale was “strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer.”
President Biden’s strategy to release oil from the country’s reserves has shown promising results. On May 21, the national average price for regular gas was $3.598 per gallon. As of June 16, that price dropped to $3.447, indicating a significant decrease in gas prices.
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https://www.washingtonexaminer.com/politics/biden/3047071/president-joe-biden-prepared-to-use-oil-reserves-again-to-lower-gas-prices/
