Posted on 05/21/2024 3:14:37 PM PDT by Enlightened1
The Biden administration announced Tuesday that it will sell off 1 million barrels of gasoline held in case of emergencies — with the Energy Department explicitly citing an interest in keeping gas prices low over the summer driving season ahead of the November election.
The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve that was established in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area.
“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 a statement.
“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.”
(Excerpt) Read more at nypost.com ...
His and Obama's (but I repeat myself) policies sure drove the price up fast enough!
Gas prices here in Florida have been a rollercoaster. Local media slobbers over the drops and is silent on the spikes. $3.39 one Wednesday. Week later $3.69. Absurd.
-PJ
A million gallons? This sounds like selling off the last of the winter blend fuel before Memorial Day.
Top 100 vitally important duties as President by Jo Biden, listed in order of importance:
1) Get Joe Biden re-elected.
Well, that about wraps it up.
3 million barrels were bought in dec 2023.
a 3 million barrel buy was recently announced after the april buy cancellation.
Capacity is SPR 713.5 million barrels. As of February 2024, the SPR held
approximately 357 million barrels of crude oil
the weird thing is, Strategic Oil sales are required by law.
The December 2022 Omnibus led to the canceling of Congressional mandated sales equivalent to 140 million barrels that were set to take place between FY24 - FY27.
Keep them low? I paid $1.95 per gallon at my closest gas station when Trump was president. It’s $4.55 there today
This dude makes the worst decisions.
He behaves like an addict.
So why do it?
Tri-state and northeast. Figures...
I’ve asked this question before and have yet to get an answer. Maybe someone will know and can tell us.
When Biden sells off our reserve stock, where does the money go from that sale ?
Every year in Indianapolis - Race Day travlers getting gouged.
In Indiana, they are like a sawtooth.
Google Speedway effect.
(what you’ll learn is a LIE, but at least you’ll be ‘informed’)
It’s PRICE FIXING - pure and simple.
Biden-Harris = Monroe Brothers
Green Acres
Stupid is as stupid does.
There are single tanks this size. And they can be emptied in a single day.
Correct, A million bbl is inconsequential.
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