The Department of Energy's Office of Petroleum Reserves confirmed the sale, adding that 998,824 barrels will be released from the Northeast Gasoline Supply Reserve – which was set up in the wake of Hurricane Sandy. The bulk of that, 900,000 barrels, will come from a storage site in Port Reading, New Jersey, while the remainder will come from one in South Portland, Maine.
According to the Post Millennial, the said amount of fuel equivalent to almost 42 million gallons is expected to be delivered to the respective buyers by June 30. It will then be distributed to local retailers just before the Fourth of July holiday.
Gas costs have more than doubled since the beginning of President Joe Biden's term in January 2021. During his inauguration day, gas prices averaged $2.39 per gallon. That amount has since risen to $4.82 per gallon. (Related: New study: Charging an EV is equivalent to filling up a traditional car with gasoline worth $17.33 per gallon.)
Amid rising prices, the White House has been keen to blame Russian President Vladimir Putin. Following Russia's invasion of Ukraine, the global economy largely sanctioned Russian oil. Meanwhile, Biden himself claims he is largely helpless to stem the skyrocketing prices of gasoline and food.
"There's a lot going on right now, but the idea we're gonna be able to, you know, click a switch, bring down the cost of gasoline is not likely in the near term, nor is it with regard to food," he said during a recent speech.
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Not the first time Biden depleted U.S. reserves
"The Biden administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season," Energy Secretary Jennifer Granholm said in a statement.
"By strategically releasing this reserve in between Memorial Day and Fourth of July, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most."
According to the American Automobile Association, the average gas price across the nation is currently $3.61 per gallon. In California, drivers are paying north of $5 per gallon, while in New Mexico, the price sits at $3.30 per gallon.
This was not the first time Biden depleted America's oil reserves. In November 2021, he announced that a significant portion of the U.S. Strategic Petroleum Reserve would be released, ostensibly "to lower prices for Americans and address the mismatch between demand exiting the pandemic and supply." According to a White House statement, 50 million barrels would be released under the scheme.
Critics of the president, meanwhile, point to his policies as largely responsible for runaway national inflation. For example, Biden famously stopped construction of the Keystone XL pipeline, a project that could have solved America's energy crisis. One such critic is former Republican National Committee chairwoman Ronna McDaniel, who penned a letter to the White House about the matter.
"Biden's war on American energy has forced families across the country to empty their wallets to fill their tanks," she wrote. "Unfortunately, Biden is doubling down on his disastrous agenda because he’s not the one paying the price – the American people are."
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Watch how an American is affected by Biden and his economics – gasoline prices, included.
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