Biden to sell off 1M barrels of gasoline held in reserve to keep prices low before election
Is Biden's Gas Sale a Vote Grab?
The Biden administration plans to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to lower gas prices during the summer driving season, ahead of the November election. Critics argue this move is a political strategy to gain votes and cover for failed economic policies. The release is seen as minor in terms of overall U.S. consumption and unlikely to significantly impact gas prices, which have risen since Biden took office.
How does Energy Secretary Jennifer Granholm describe the administration's strategy regarding the timing of the gasoline release?
Energy Secretary Jennifer Granholm describes the administration's strategy regarding the timing of the gasoline release as being "laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season." The decision to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve is aimed at ensuring sufficient supply flows to the tri-state and northeast areas during a time when American families need it the most. The move is also intended to keep gas prices low over the summer driving season ahead of the November election.
When was the Northeast Gasoline Supply Reserve established, and what event prompted its creation?
The Northeast Gasoline Supply Reserve was established in 2014 as a response to the fuel disruptions caused by Superstorm Sandy in the New York City area1. The reserve is a component of the Strategic Petroleum Reserve and was created to ensure adequate gasoline supplies in emergency situations.