The Biden administration is prepared to release more oil from the country’s strategic reserves if gas prices rise during the summer. This move is part of the administration’s efforts to combat higher prices at the pumps and for various goods due to inflation.
A senior energy advisor to the President acknowledged that gas prices are still too high for many Americans and expressed support for taking action to lower them further. The advisor, Special Presidential Coordinator for Global Infrastructure and Energy Security Amos Hochstein, said that the administration will do everything possible to ensure a sufficient supply of oil and keep prices as low as possible for American consumers.
The administration’s decision to release oil from the Strategic Petroleum Reserve (SPR) has already shown promising results. After selling one million barrels of gasoline from the Northeast Gasoline Supply Reserve on May 21, the national average price for regular gas decreased from $3.598 per gallon on May 21 to $3.447 per gallon on June 16.
U.S. Secretary of Energy Jennifer M. Granholm stated that the administration is focused on lowering prices at the pump for American families, especially during the summer driving season. By releasing oil from the SPR strategically, the administration aims to ensure sufficient supply flows to the affected regions at a time when drivers need it most.
According to the Financial Times, President Biden has used more oil from the SPR than any president before him. While gas prices have decreased significantly since hitting record highs during the early part of the Biden administration, the average cost for a gallon of regular gas remains higher than when former President Donald Trump was in office.
