Biden Drains The Strategic Oil Reserves?

Photo by Jakub Pabis on Unsplash

( – The Biden administration intends to release around 1 million gasoline reserve barrels in an attempt to lower gas prices across the eastern part of the United States.

On Tuesday Jennifer Granholm, the Energy Secretary, put out a statement relating to the release which she announced would be taking place between Memorial Day and July 4th.

She claimed that this decision was made so as to ensure that the tri-state would have a sufficient supply of gas. This she argued is something that the majority of Americans needed.

She continued by stating that the Biden-Harris administration was set on ensuring that gas prices would be reduced, especially ahead of the summer season during which time many Americans are set to go on long drives.

In the U.S. it is common for gas prices to increase in the summer as many people go on longer drives during the summer vacation. The president does not usually have a lot of control over gas prices which tend to be controlled by global factors. Despite this gas prices will often be a central political issue, especially during election years.

Congress has put forward the sale of the reserve gasoline as part of a bill that allows the government to avoid shutting down this year. As part of this legislation, the barrels are allowed to be sold in increments of 100,000 barrels. 

Gasoline prices have decreased slightly over the past week averaging around $3.6 nationwide. This also marks a decrease from last month when the average price was $3.67.

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