Biden Administration To Release 1M Barrels Of Gasoline To Help Ease Prices

By iHeartRadio

May 21, 2024

Blue Metal Oil Barrels Stacked In A Warehouse
Photo: Bloomberg Creative / Bloomberg Creative Photos / Getty Images

In an effort to reduce gasoline prices this summer, the Biden administration is releasing approximately one million barrels of reserve gasoline supplies. The gasoline will be released in 100,000-barrel increments from reserves in Maine and New Jersey created after Superstorm Sandy.

Energy Secretary Jennifer Granholm described the move as a strategic release between Memorial Day and July 4th to ensure sufficient supply for the tri-state and northeast regions during a period of high demand. 

"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," Granholm stated.

Gasoline prices typically rise in the summer as Americans travel more due to warm weather and summer vacations. Currently, gasoline prices are averaging about $3.60 nationwide, according to the American Automobile Institute. This is a slight decrease from a week ago when they averaged $3.61, and a month ago when they were at $3.67.

The administration's decision to release oil from its Strategic Petroleum Reserve in 2022 to bring down prices faced significant Republican backlash, with critics arguing that the barrels should have been saved for emergencies.

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