The Biden administration announced it would sell 42 million gallons of gasoline over the July 4 holiday for the strategic reserve to lower gas prices for Americans.
What the Biden administration will do about gas prices
The Ministry of Energy announced in a statement:
Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the sale and liquidation of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve (NGSR). The contracts awarded today represent a fully subscribed request in response to the Request for Proposal (RFP) announced on May 21, 2024. The 1 million barrels (42 million gallons)
are sold at an average price of $2.34 per gallon and will help lower gas prices ahead of the 4th of July holiday.
National Economic Advisor Lael Brainard said in a statement to PoliticusUSA: “As Americans hit the road for the Fourth of July, the Biden-Harris administration is taking action to lower gas prices by completing the sale of one million barrels of U.S. gasoline. Northeast Gasoline Supply Reserve. Gas prices have dropped nearly 20 cents in the past two months, but we know there is still more to do. This release will help lower prices at the pump, building on other actions by President Biden, including historic releases from the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy. Although Republicans in Congress have not made any proposals to reduce costs, President Biden fights every day for hardworking families like the ones he grew up with in Scranton.”
What else has Biden done to lower gas prices?
Gas prices have fallen by nearly twenty cents per gallon over the past two months and by $1.50 since their peak, and the latest Biden action builds on previous steps taken to lower the cost of a gallon of gas, including:
- The sale of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve, building on historical emissions from the Strategic Petroleum Reserve, lowered prices by as much as 40 cents per gallon in 2022.
- Unleashing record energy production, including affordable clean energy, and lowering the cost of clean vehicles to reduce fuel costs by average. $700 per year.
The Biden administration continues to demonstrate that it is putting the concerns and needs of working people first. Biden is doing something to make one of the essentials more affordable for the American people.
With the media obsessed with Biden’s age and debate performance, Democrats would be smart to look at what the president is doing and ask whether Biden can be replaced and whether the person Biden may replace can replicate his effectiveness.
Biden has been a very good president, and Democrats would be wise to know what their president is doing before considering giving in to the replacement hysteria.