The Biden administration announced it will sell 42 million gallons of gasoline into a strategic reserve during the July 4th holiday to lower gas prices for Americans.
How the Biden Administration Will Deal with Natural Gas Prices
The U.S. Department of Energy announced in a statement:
Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that it has been awarded a sales and liquidation contract for 1 million barrels (42 million gallons) of gasoline to the Northeast Gasoline Supply Reserve (NGSR). Today’s contract award follows a fully subscribed tender following a Request for Proposal (RFP) announced on 21 May 2024.
The average price is $2.34 per gallon, which should help lower gas prices ahead of the July 4th holiday.
“As Americans embark on the Fourth of July, the Biden-Harris administration is taking action to lower gasoline prices,” National Economic Advisor Lael Brainard said in a statement provided to PoliticusUSA. price, completing the task of selling 1 million barrels of gasoline from the U.S. Gasoline prices have fallen nearly 20 cents over the past two months, but we know there is more to be done with this release to help lower oil prices for Biden. Building on the president’s other actions, including a historic release of the Strategic Petroleum Reserve, record energy production, and the largest clean energy investment ever, President Biden is working hard every day to bring down costs. The struggles of hard-working families like the ones he grew up in in Scranton.
What else is Biden doing to lower gas prices?
Gasoline prices have fallen nearly 20 cents per gallon over the past two months and are down $1.50 since their peak, and Biden’s latest actions build on previous steps to lower the cost of gasoline per gallon, including:
- The sale of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve builds on a historic release from the Strategic Petroleum Reserve that lowered prices by 40 cents a gallon in 2022.
- Unlocking record energy production, including affordable clean energy, and lowering the cost of clean vehicles, reducing fuel costs by an average of $700 per year.
The Biden administration continues to show that they put 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 wise to look at what the president is doing and ask themselves whether Biden can be replaced and whether his potential replacements can replicate his effectiveness.
Biden is a very good president, and Democrats would be wise to understand what their president is doing before considering succumbing to hysteria over his successor.
