The Biden government announced Tuesday the release of 1 million barrels of gasoline from a Northeast Reserve established a decade ago following Superstorm Sandy. The action aims to reduce gas prices for the summer driving season, as inflation and an overall poor economy continue to hurt Americans’ wallets — and Biden’s poll numbers.
The sale will be managed from storage locations in New Jersey and Maine and allocated in 100,000-barrel increments. The Department of Energy stated that this competitive bidding process would enable gasoline to flow to local retailers ahead of the July 4 holiday, ensuring competitive prices.
This move follows a congressional mandate to sell off the Northeast Reserve, integrated into a spending agreement approved in March to prevent a partial government shutdown. The Energy Department highlighted the timing of the sale, noting it is intended to provide relief to motorists as summer travel begins. Gas prices currently average around $3.60 per gallon nationally, a rise of 6 cents from the previous year, according to AAA.
Energy Secretary Jennifer Granholm emphasized the regime’s focus on lowering fuel costs, particularly as summer travel peaks. “By strategically releasing this reserve between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and Northeast at a time hardworking Americans need it the most,” Granholm stated.
Biden’s 2022 drawdown of the Strategic Petroleum Reserve in response to Russia’s invasion of Ukraine reduced it to its lowest levels since the 1980s. This move aimed to stabilize rising gasoline prices but faced criticism from Republicans who accused Biden of political maneuvering with a reserve meant for emergencies. In April, the regime canceled a purchase meant to refill the reserve.
