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New York: Monday, June 17, 2024
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Biden Plans to Release 1 Million Gasoline Barrels

NEWS HEADLINES: Biden Plans to Release 1 Million Gasoline Barrels

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(RightWing.org) – The Biden administration plans to release a million barrels of gasoline from the Northeast Gasoline Supply Reserve. The Department of Energy says the plan is to reduce prices over the July 4th holiday. In reality, it’s probably an attempt to buy votes in November, but it’s also a damaging blow to our energy security — and it isn’t the first time Biden has done this.

President Biden isn’t polling well, and the reason is simple — no matter what he says about the economy, Americans are still under pressure from higher prices and don’t believe things are getting better. High fuel prices are particularly bad because consumers don’t just pay when they fill their car with gas; they’re also paying more for everything that needs to be transported. The fact that the price of gas has already surged 18% this year, according to Bloomberg, probably isn’t helping Biden’s re-election chances.

Now the administration is trying to buy its way out of the hole. On May 21, the Energy Department announced that it’s releasing the equivalent of a million barrels of gasoline — 55 million gallons — by June 30. This will empty the Northeastern Gasoline Supply Reserve, but the White House hopes it will also bring down gas prices over the summer and make Americans feel better about their economic situation. The fuel will be released in batches of 100,000 barrels and will be sold in Maine and New Jersey.

Biden has used strategic fuel reserves in an attempt to buy votes before. Ahead of the 2022 midterm elections he sold off 30 million barrels, running down the reserves to a dangerously low level. This new selloff is much smaller, but that’s because Biden has been in no hurry to replace the oil he sold two years ago. We just don’t have the reserves left for a massive giveaway –- but the desperate president is trying anyway.

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