Biden admin to release 1 million barrels gasoline from reserves in the Northeast
the Biden administration has decided to release 1 million barrels of gasoline from reserves held in the Northeast, in an effort to boost fuel supplies and ease rising gasoline prices ahead of the July 4th holiday.:
Energy Secretary Jennifer Granholm announced this strategic move on Tuesday, stating the release is timed between Memorial Day and July 4th to "secure a steady gasoline flow to the tri-state and northeastern regions when it matters most for American families."
The 1 million barrels of gasoline will be distributed to retailers and terminals no later than June 30th.
The release will be conducted through a competitive bidding process, with quantities of 100,000 barrels allocated to ensure maximum price impact at the pump.
Granholm explained the priority is "to ensure that hardworking Americans have access to affordable and reliable energy during this busy summer season."
The release aims to address the recent surge in gasoline prices influenced by factors like refinery maintenance, geopolitical tensions, and seasonal demand.
It is expected to inject competition into the market and help stabilize prices for consumers in the affected regions.
This intervention is part of the Biden administration's efforts to address energy market volatility and ensure energy security, including previous releases from the Strategic Petroleum Reserve and expansion of renewable energy.
According to the available information, the Biden administration has drained over 200 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) since Russia's invasion of Ukraine in early 2022.Specifically:
In March 2022, Biden announced the release of 180 million barrels from the SPR over a 6-month period, which was the largest ever drawdown from the reserves.
This massive release was an attempt to ease soaring gasoline prices after the Russian invasion disrupted global oil supplies.
By mid-October 2022, the SPR levels had dropped to around 405 million barrels, down from nearly 580 million barrels in February before the Ukraine invasion.
As of early January 2023, the SPR held only 371 million barrels, the lowest level since December 1983.
Biden has drained over 200 million barrels from the strategic oil reserves since early 2022, bringing the total inventory to multi-decade lows in an effort to fool the villagers ahead of the 2024 election