Biden Again Releasing Millions of Barrels from Oil Reserves in Attempt to Lower Gas Prices By Eric Lendrum
On Tuesday, the Biden Administration announced that it will be releasing another 1 million barrels of oil from a reserve in the Northeast, in yet another effort to lower gas prices ahead of the November election.
ABC News reports that the reserve in question, located in New Jersey and Maine, was established in the aftermath of Hurricane Sandy in 2013. The sale by the Biden Administration will take place in increments of 100,000 barrels, with the hope that there will be a competitive bidding process that will guarantee the flow of gasoline to local retailers throughout the summer.
The Energy Department said that the move aims to help “lower costs for American families and consumers,″ after a congressional mandate called for the executive branch to sell off the nearly 11-year-old Northeast reserve before its closure. This mandate was part of the spending deal that was passed in March to avoid a government shutdown.
The sale of 1 million barrels – which amounts to about 42 million gallons – comes as the average price of gas nationwide currently sits at about $3.60, according to data from AAA. This is not the first time that the Biden Administration has resorted to tapping into emergency reserves just to lower gasoline prices for political expediency, as he previously did so ahead of the 2022 midterm elections; this move was credited as one of several reasons why the Democratic Party did not face landslide losses as most polls projected.
“The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,” said Energy Secretary Jennifer Granholm in a statement. “By strategically releasing this reserve in 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.”
White House Press Secretary Karine Jean-Pierre hailed the move as a historic effort to “to lower gas and energy costs,” alongside “the largest-ever investment in clean energy.″
Biden’s depletion of the Strategic Petroleum Reserve (SPR) in 2022 resulted in the reserve hitting its lowest level since the 1980s. Although Biden ostensibly cited the then-new war in Ukraine as the primary reason for the decision, most political observers saw it as an electoral ploy to reduce voters’ anger over historically high gas prices ahead of the midterms.
In the years since 2022, the Biden White House has attempted to refill the SPR; as of last week, the reserve contained 367 million barrels of crude oil, which is still lower than it was prior to the initial depletion in 2022.
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