(TheLastPatriotNews.com) – In a move showing a desperate Joe Biden is increasingly afraid he would be doomed to lose the 2024 election if gas prices spike again, the president has decided to release 1 million barrels of gasoline from reserves ahead of the Fourth of July and the summer driving season.
“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state [region] and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement Tuesday, cited by CNBC.
Gasoline futures have surged by 19% this year, primarily driven by OPEC’s reduced production and growing concerns that the ongoing Israel-Hamas conflict might escalate into a broader Middle East war, potentially jeopardizing oil supplies.
Amidst these developments, speculation arose in April that the Biden administration might utilize the Strategic Petroleum Reserve in Texas and Louisiana to stabilize fuel prices before the November presidential election.
Addressing these concerns, White House National Economic Advisor Lael Brainard stated last month, “We will make sure gas prices remain affordable.”
However, recent trends have shown a decrease in gasoline prices as oil retreated from its peak in April—a response to fears that Israel and OPEC member Iran were close to conflict, according to the report.
Currently, the national average for gasoline stands at $3.59 per gallon as of Tuesday, only slightly above the price from a year ago by four cents but reduced from last month’s figures, as per AAA.
Despite the recent drop in gasoline prices, overall inflation continues to persist, causing frustration among consumers.
The Department of Energy has announced that gasoline deliveries to retailers and terminals must be completed by June 30th.
These deliveries, each totaling 100,000 barrels, aim to foster a competitive bidding environment that will effectively impact fuel prices, as stated by the DOE.
The sale will originate from storage facilities in New Jersey and Maine, integral to the Northeast Gasoline Supply Reserve, set up following the disruptions caused by Superstorm Sandy in 2012.
This initiative occurs while the separate Strategic Petroleum Reserve’s stock has dwindled to its lowest in decades.
In 2022, in response to the sharp rise in energy costs following Russia’s invasion of Ukraine, the Biden administration released 180 million barrels from the SPR.
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