The Biden Administration announced Tuesday that it would release 42 million gallons of gasoline from the Northeast Gasoline Supply Reserve.
In 2022, as the Russian invasion of Ukraine sent gas prices soaring ahead of the midterms, President Joe Biden tapped the Strategic Petroleum Reserve to bring the politically inconvenient prices down.
Unlike the SPR, the Northeast Gasoline Supply Reserve was already slated to close, but the timing of the move suggests Biden still has a strong interest in managing gas prices ahead of an election.
In January, Rapier predicted that the Biden administration wouldn't fill more than 10% of the oil it removed, because Biden wouldn't want to drive up oil prices ahead of the election.
Throughout May, Americans for Prosperity is partnering with gas stations across the country to sell gasoline at $2.38, which was the average price at the start of the Biden administration.
The AFP is hoping its "National Gas Rollback Tour" will highlight how Biden's economic and energy policies are driving up gasoline prices.
Tapping the SPR further isn't a popular move among energy experts, because it takes more oil off the market and refilling it risks high gasoline prices down the road. But with polls showing Biden trailing behind the presumptive Republican nominee Donald Trump, it's not likely that high gas prices are something Biden will be willing to weather.
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