Biden Administration to Empty Northeast Gasoline Reserve to Lower Prices Ahead of Election
President Biden faces scrutiny for the political timing of selling off one million barrels of gasoline reserves before the 2024 election, aiming to lower prices. Critics highlight his administration’s role in historic high gas prices. The move, while mandated by law, is seen as a strategic effort amid economic challenges attributed to Biden’s policies. President Biden is under fire for strategically selling one million barrels of gasoline reserves before the 2024 election to reduce prices. Critics point to his administration’s responsibility for record-high gas prices. Although mandated by law, the move is viewed as a tactical response to economic difficulties linked to Biden’s policies.
By Warner Todd Huston May 23, 2024 at 2:57pm
President Joe Biden is being accused of politicizing the latest sale of gasoline from our national reserves as we enter into the 2024 election cycle amid his long record of presiding over some of the worst gas prices in history.
The Biden administration is preparing to sell off one million barrels of gasoline from the U.S.-managed stockpile in northeastern states, Reuters reported Tuesday.
The Dept. of Energy announced the sale on Tuesday and noted that the Office of Petroleum Reserves will begin taking bids for the gasoline for delivery no later than June 30. While the sale is mandated by law, the move will effectively close down the reserve which was created in 2014.
The sale is mandated for some time during this year with the proceeds to be deposited into the U.S. Treasury, according to S&P Global.
The sale was mandated by law because refined gasoline has a shorter storage life than unrefined oil.
The administration, though, claims that there is a benefit to the sale of the reserve and that it will help lower the soaring price of gas as the summer months arrive. And America needs some relief, after all. Thanks to Joe Biden’s disastrous policies, Bidenflaton is killing the American dream and throwing millions of Americans out of the middle class.
“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the … northeast at a time hardworking Americans need it the most,” said Energy Secretary Jennifer Granholm.
However, the price per gallon is still higher than it was this time last year. According to Forbes, the average price of gas is currently $3.62 per gallon. But this time last year, gas was selling on average for $3.54 per gallon.
Biden’s critics, though, say that the sale is only taking place now because Biden is hoping to use any beneficial effect as a campaign tool in the midst of his horrible economic policies.
Should domestic energy production be a priority for America?
Former President Donald Trump, for one, blasted Biden for the sale, saying “And so he’s trying to stop that because high gasoline prices are not good for elections,” during comments in New York.
Trump added that Biden is selling off the reserve now “because he’s unable to drill properly.”
“Everything [Biden’s] done has been very bad for our country.”
President Trump slams Biden for releasing 1 million more barrels from the strategic oil reserves to artificially lower gas prices ahead of the election.
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— Real America’s Voice (RAV) (@RealAmVoice) May 21, 2024
Republican Sen. Mike Lee of Utah also blasted the sale plans. According to the New York Post, he said that Biden is “yet again using America’s emergency fuel reserves to cover for his disastrous inflationary policies in an election year.”
Tennessee Republican Sen. Marsh Blackburn also took aim at the announcement, saying, “Releasing 1 million barrels of gasoline from the Northeast reserve is a desperate move by Joe Biden to lower prices that HE raised. This reserve is meant for emergencies, not as a cover-up for Biden’s failed economic policies.”
According to Tim Evans, an independent analyst at Evans on Energy, if there is any effect on prices, it won’t last long.
“The added cushion of commercial inventories is bearish for the market at the margin,” Evans said according to S&P. “At the same time, it’s worth bearing in mind that the extra supply is the equivalent of 1,000 futures contracts, a volume that might be easily absorbed. This is also a one-time transfer and not a source of ongoing supply.”
Perhaps because there will be little long-term effect, the market had little reaction to the announcement of the sale. “New York gasoline barge prices were unchanged and little traded by midday May 21,” S&P added.
Biden has presided over some of the highest gasoline prices in U.S. history and Americans are spending more of their income than ever just to pay their bills and purchase their daily needs.
This release will not likely have any real beneficial effects on that, but Biden will play it as if he is helping those most in need.
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