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.”
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Author: Ruth King
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