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

AP Via Yahoo News ^ | MAY 21, 2024 | MATTHEW DALY

[BradtotheBone]

WASHINGTON (AP) — The Biden administration said Tuesday that it is 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, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said. The move is intended to help “lower costs for American families and consumers,″ the department said in a statement.

Gas prices average about $3.60 per gallon nationwide as of Tuesday, up 6 cents from a year ago, according to AAA. Tapping gasoline reserves is one of the few actions a president can take by himself to try to control inflation, an election year liability for the party in control of the White House.

“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,″ Energy Secretary Jennifer Granholm said in the statement. “By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state (area) and Northeast at a time hardworking Americans need it the most.”

White House Press Secretary Karine Jean-Pierre said release of gas from the Northeast reserve builds on actions by President Joe Biden, a Democrat, “to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy.″

[Saintgermain]

I wouldn’t count on it as we still have way too many ignorant and dumb people who think B!@en is the next best thing to sliced bread.

[frank ballenger]

Code name Operation Save Our Biden.

Replaced by Submarine Sunk Here.
https://www.google.com/search?q=images+submarine+sunk+here&sca_esv=ec0f97d633954ec1&udm=2&biw=1196&bih=548&ei=dPJ

[Mastador1]

In 2023, U.S. finished motor gasoline consumption averaged about 8.94 million barrels per day or about 376 million gallons per day.

So Brandon is going to release a million barrels, or 55 million gallons of gas...oh yeah that'll have a real world effect on the cost of gas to the consumer. Just bullshit designed to make gullible democrats and the media think the moron is actually doing somethin to help Americans hammered by his(Barry's) inflationary anti American policies.

[ferret_airlift]

There are also something like 1.5 billion pounds of cheese stored by the government.

[elpadre]

I thought all of strategic reserves were on zero. Trump filled them when the price was low and Biden sold them of when the prices were high.

[TexasGator]

Levislation passed last March to close reserve so House approved.

[Sequoyah101]

Let's see, US gasoline consumption amounts to some 8.5 million barrels per DAY. East Coast production amounts to something like 3+ million barrels per DAY. 1 million barrels is something close to a fart in a whirl wind. See for yourself:

https://www.eia.gov/petroleum/weekly/gasoline.php

Just more wasteful smoke and mirrors from FJB.

[Robert DeLong]

A barrel is probably about 100 gallons. I’m basing that on the gas we bought post hurricane Katrina. So a million barrels would be 100 million gallons. That might be enough to service the N.E. for a week if even that. The entire U.S. consumes about 368 million gallons of gas per day.

[volare737]

42 gallons in a barrel.

[Fungi]

The US uses 20 million barrels per day. One million barrels won't do jack....

[Irish Eyes]

But it will weaken us a tiny bit more. Which is the whole idea.

The problem is people do not realize this...no one tells them. The news media will just say look what a great thing biden has done .

Nothing is ever explained about what the strategic reserves mean.

[Irish Eyes]

But it will weaken us a tiny bit more. Which is the whole idea.

The problem is people do not realize this...no one tells them. The news media will just say look what a great thing biden has done .

Nothing is ever explained about what the statigic reserves mean.

[Irish Eyes]

sorry about that

[VanShuyten]

He must be worried about voters there.

[Chgogal]

The Obama/Biden Administration third term is the most despicable destructive and dangerous in the history of this country.

[The Old Hoosier]

For context, Americans use this amount of gasoline in less than three hours. LOL.

[CatOwner]

The US consumes about 8 1/2 million barrels of gasoline a day.

Given that, 1 million barrels would drop gas prices by 3% for four days.

[CIB-173RDABN]

Biden and the democrats will just NOT tolerate ANY of that in any way, shape or form!

—
Agree - their goal is NOT to lower gas prices but to use up our reserves.

[Organic Panic]

His next four years will be fun. No more vote buying needed.

Yes. I am a pessimist. There is no way the swamp lets Trump win.

[Vaduz]

The new comers here in LA still get that a low key operation mum ya know.