(UnitedVoice.com) – High gas prices have marred President Joe Biden’s first term in office. For the sixth straight year, America has led the world in oil production but that hasn’t helped keep the cost down. Now the president, at the behest of Congress, is releasing gasoline.
On May 21, the Energy Department announced that the administration was selling one million barrels of gasoline in the next few weeks. Congress mandated the gas sale in the spending bill passed in March. The gasoline will come from the Northeast Gasoline Supply Reserve, not the Strategic Petroleum Reserve (SPR), which holds an emergency oil supply.
The sale of the gasoline will culminate in the closure of the reserve, which has facilities in Maine and the New York Harbor area. It was originally created to serve the communities after Superstorm Sandy slammed into the Northeast in 2012. The gas will be split into quantities of 1000,000 barrels and then sold through a competitive bidding process.
According to the Energy Department, the sale was structured to maximize the impact it might have on gas prices over Memorial Day weekend and Independence Day. Energy Secretary Jennifer M. Granholm claimed the administration is “laser-focused on lowering prices at the pump for American families,” including those who want to take road trips over the summer.
Although one million barrels are being released, it probably won’t bring gas prices down that much. It’s only a small percentage because the country uses about 8.94 million barrels daily.
The current average gas price going into the holiday was $3.61 per gallon. A month ago, that average was $3.65. The White House has blamed the war in Ukraine for causing the increase in gas prices.
As the country moves closer to the election, the American people will likely scrutinize them as they decide who to vote for in November. The increased cost of gasoline could negatively impact Biden’s chances of reelection, especially since he’s up against former President Donald Trump whose administration saw the exact opposite.
Copyright 2024, UnitedVoice.com
