Last updated on July 3rd, 2024 at 11:41 am
The Biden administration announced that it would sell 42 million gallons of gasoline for the strategic reserve to lower gas prices for Americans during the 4th of July holiday.
What The Biden Administration Will Doing About Gas Prices
The Department of Energy announced in a statement:
Today, the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced that contracts have been awarded for the sale and liquidation of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve (NGSR). The contracts awarded today represent a fully subscribed solicitation following the Request for Proposal (RFP) that was announced on May 21, 2024. The 1 million barrels (42 million gallons)
are being sold at an average price of $ 2.34 per gallon and will help lower gas prices ahead of the Fourth of July holiday.
National Economic Adviser Lael Brainard said in a statement provided to PoliticusUSA, “As Americans hit the road for the Fourth of July, the Biden-Harris Administration is taking action to lower gas prices by completing the sale of one million barrels of gasoline from the Northeast Gasoline Supply Reserve. Gas prices have come down nearly 20 cents in the last two months, but we know there is more to do. This release will help lower prices at the pump, building on other actions by President Biden, including historic releases from the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy. While Congressional Republicans haven’t offered a single proposal to lower costs, President Biden is fighting every day for hardworking families like the ones he grew up with in Scranton.”
What Else Has Biden Done To Lower Gas Prices?
Gas prices are down nearly twenty cents a gallon over the past two months and $1.50 since their peak, and the latest Biden action builds on previous steps taken to reduce the cost of a gallon of gas that included:
- Selling 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve—building on historic releases from the Strategic Petroleum Reserve that lowered prices by up to 40 cents per gallon in 2022.
- Unleashing record energy production, including affordable clean energy, and lowering the cost of clean vehicles to lower fuel costs by an average of $700 a year.
The Biden administration continues to show that they put the concerns and needs of working people first. Biden is doing something to make one of the essentials for the American people more affordable.
As the media obsesses about Biden’s age and debate performance, it would be smart for Democrats to look at what the President is doing and ask themselves if Biden can be replaced and if the person who potentially replaces Biden could replicate his effectiveness.
Biden has been a very good president, and Democrats would be wise to know what their president is doing before they consider giving in to the replacement hysteria.
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