Biden admin to release 1 million barrels of gas, hoping to lower prices

The gas will come from New Jersey and Maine-based storage facilities and will be released in increments of 100,000 barrels.

Published: May 21, 2024 1:16pm

The Biden administration on Tuesday announced the release of 1 million barrels of gasoline, hoping to drive down costs.

As of Tuesday, the average price of a gallon of regular gas stood at $3.598, according to AAA.

"The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season," Secretary of Energy Jennifer Granholm said, according to the Associated Press.

"By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state (area) and Northeast at a time hardworking Americans need it the most," she continued.

The gas will come from New Jersey and Maine-based storage facilities and will be released in increments of 100,000 barrels.

During the 2022 election, President Joe Biden drew considerable scrutiny for repeated tapping the Strategic Petroleum Reserve in a bid to drive down prices. U.S. Oil and Gas Association President Tim Stewart, at the time, accused him of using the reserve "as a campaign credit card to buy down political risk for the midterms."

Earlier this year, the Department of Energy announced a request to buy 3 million barrels of oil to help replenish the reserve.

Ben Whedon is an editor and reporter for Just the News. Follow him on X, formerly Twitter.

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