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If gas prices rise this summer, President Joe Biden is willing to withdraw additional oil from the nation’s strategic reserves. This is the Biden administration’s most recent attempt to combat inflation-related increases in gas prices and the cost of many items.

According to a Biden administration energy adviser, many Americans still find gas prices to be “too high,” and he supports measures to “bring them down a little bit further.”

According to Special Presidential Coordinator for Global Infrastructure and Energy Security Amos Hochstein, “We will do everything we can to ensure that the market is supplied well enough to provide as low a price as feasible for American customers,” as reported by the Financial Times. “I believe that the SPR has sufficient capacity if needed.”

Less than a month has passed since the Biden administration declared that it had sold one million gasoline barrels in the Northeast Gas Supply Reserve on May 21, which was less than a week before Memorial Day. Hochstein has now acknowledged this. The Dept. of Energy at the time stated that they strategically scheduled and constructed the sale to optimize its impact on gas prices, helping to cut costs at the pump when Americans hit the road this summer.

There has been encouraging progress in Biden’s plan to unleash oil from the nation’s reserves. On May 21, the average price of regular gas in the country was $3.598 per gallon. That figure fell to $3.447 on June 16, showing a sharp decline in gas costs.

Secretary of Energy Jennifer Granholm stated in May that “the Biden-Harris White House is laser-focused on cutting prices at the pump for American families, especially as vehicles hit the road for the summer driving season.” “We are making sure sufficient supply gets to the tristate and Northeast at a time when industrious Americans need it the most by deliberately releasing this reserve between Memorial Day and July 4.”

The Financial Times claims that Biden has utilized more oil from the nation’s reserves than any other president. After setting records early in the Biden presidency, gas prices have now dropped dramatically. Even so, the average cost of a gallon of ordinary gas is still more expensive than it was under former President Donald Trump. January 2021, the final month of Trump’s presidency, saw an average gasoline price of $2.334 per gallon.

Author: Scott Dowdy

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