Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

[BumRushDaShow]

Source: The Hill/AP

05/21/24 12:40 PM ET


WASHINGTON (AP) — The Biden administration says it’s releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.

The sale is from storage sites in New Jersey and Maine and will be allocated in increments of 100,000 barrels at a time.

Energy Secretary Jennifer Granholm says the move is intended lower costs for American families and consumers in time for the summer driving season. AAA says says prices averaged about $3.60 per gallon as of Tuesday, up 6 cents from a year ago.

The Northeast reserve was created a decade ago after Superstorm Sandy. It’s separate from the Strategic Petroleum Reserve in Texas and Louisiana.

Read more: https://thehill.com/homenews/ap/ap-business/ap-biden-releasing-1-million-barrels-of-gasoline-from-northeast-reserve-in-bid-to-lower-prices-at-pump-2/

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Short article at post time.

[onecaliberal]

1. Can California get some relief. We're paying 5 dollars.

[Arne]

2. Price here is fluctuating.

$3.39 to $3.59 in hours.
SW Florida

[manicdem]

7. Not anytime soon

California's gas tax is close to a $1.50 a gallon, and going up 50 cents next year. And the California blend costs more to produce.

[onecaliberal]

15. We're already paying 5 dollars or more per gallon. Nearly 2 dollars over the national average.

And that is NOT summer blend.

[mahina]

13. Very close in the islands

[twodogsbarking]

3. LIving in Pa we have so much gas tax it is usually high. We are getting hosed.

[SarahD]

4. Seldom works.

The oil companies benefit and consumers save a few pennies. Same thing with suspending gas taxes.

[Ponietz]

5. Air quality deteriorating, wildfires spreading, but yeah, cheap gas

[samsingh]

6. all he needs to do is keep the prices low until Nov and then our 'allies' will lower them on their own.

[groundloop]

8. Americans are such whiny asses about the cost of gasoline..... just look at prices anywhere else in the world

I've been doing quite a bit of travelling since retiring, and gas prices are universally much higher everywhere I've been. Usually between 6 and 7 US dollars per gallon. The US is the only country where people drive 4x4 pickup trucks to the grocery store, everyone else has small cars which are increasingly becoming electrified.

We're a bunch of whiners that refuse to adapt, and honestly the planet will be better off if gasoline prices are high enough to force people to look at alternatives.

[republianmushroom]

9. Ca paid $5.17 a gallon today.

[Igel]

11. Last week I paid $3.06/gal.

Choices matter. Lower gasoline tax, easier to produce blend. And less transportation cost to get from refinery to the store.

California's paying for its choices. So's Texas. What's not quite right is being proud of the choices but expecting no predictable consequences from those choices. (Then again, that's really very, very modern. Not (D), not (R), just "modern American&quot

[republianmushroom]

12. Yup we are paying to lead the war on climate change. Plus a little corp greed.

Think in the last few years have seen it around $4.50 +/- , then back to 5 plus

[IronLionZion]

10. I see tons of electric and hybrid vehicles

I would think that would reduce prices somewhat from lower consumption.

But there are powerful forces colluding to keep prices high to help Trump. Prices will magically come down after the election no matter who wins.

[Marthe48]

14. Pres. Biden is choosing to make the gas available now

He could have waited until a month before the election, but he made it available now. Looks like President Biden wants to benefit Americans more than he wants to benefit himself.