Biden to Sell Off 1M Barrels from Gasoline Supply Reserve Ahead of Election
America ı By Jackie Allen
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In an effort to alleviate rising fuel costs, the Biden administration announced on Tuesday the release of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve. This strategic move is aimed at maintaining lower gas prices during the peak summer driving season and ahead of the November elections.
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Gasoline Supply Reserve
The Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve (SPR), was established in 2014 following Superstorm Sandy, which severely disrupted gasoline supplies in the New York City area. The reserve is intended for use during emergencies to ensure a steady supply of gasoline in the region.
“The Biden-Harris Administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for the summer driving season,” said Energy Secretary Jennifer Granholm. “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 when hardworking Americans need it the most.”
The decision to release the gasoline comes as part of a broader strategy to address the economic concerns of American consumers amid rising fuel prices. As of now, gas prices average $3.60 per gallon, up from approximately $2.38 when President Biden took office, according to AAA data.
Critics Speak Out
However, some critics argue that the release of 1 million barrels, which would cover less than three hours of the nation's daily consumption of 8.94 million barrels, is insufficient to make a significant impact on gas prices. Skeptics have voiced their concerns on social media and through various statements, labeling the move as politically motivated.
“A cynical political move. Like a drop in the ocean,” wrote one user on X, formerly known as Twitter.
Staten Island Representative Nicole Malliotakis (R-NY) tweeted, “He should just reverse his damaging anti-energy policies.”
Gabriella Hoffman, energy and conservation director of the Independent Women’s Forum, criticized the administration’s approach, tweeting, “Depleting our emergency reserves while discouraging domestic production. Such a winning strategy!”
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