White House released 1M barrels of gasoline, attempting to bring prices down
The White House hopes to ensure the oil is supplied to retailers by the summer travel season
GasBuddy head of petroleum analysis Patrick de Haan shares his forecast for gas prices ahead of busy summer travel.
The White House is announcing the release of over 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve in an attempt to lower prices, as inflation weighs on voters ahead of the November election.
President Biden's administration said it was conscious of average Americans' struggles with food costs, especially ahead of vacation season.
"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,″ Energy Secretary Jennifer Granholm said in a statement.
She continued, "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."
President Biden at the White House in Washington, D.C. The president's administration has announced the release of approximately one million barrels of oil from Northeast reserves. ( Kevin Dietsch/Getty Images)
Oil will be pumped from storage facilities in New Jersey and Maine, released 100,000 barrels at a time.
Officials say the staggered release will ensure competitive pricing and effective delivery to retailers ahead of the summer holiday season.
BIDEN ADMIN CANCELS PLAN TO REFILL EMERGENCY OIL RESERVE AMID HIGH PRICES
A driver fills up at a gas station in downtown Los Angeles in September 2023. The Biden administration's multi-phase oil release is intended to ease fuel prices ahead of summer. (Luis Sinco / Los Angeles Times via Getty Images / Getty Images)
The country's Strategic Petroleum Reserve was tapped heavily in 2022 due to sanctions placed on Russia following the invasion of Ukraine. The oil reserves reached approximately 364 million barrels last month, a 43% decline from January 2021 when President Biden took office, federal data shows.
White House press secretary Karine Jean-Pierre told reporters that the initiative is part of Biden's larger agenda "to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy."
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White House press secretary Karine Jean-Pierre speaks at a news conference in the Brady Press Briefing Room at the White House in Washington, D.C. (Andrew Harnik/Getty Images / Getty Images)
Nationwide gas prices currently sit at approximately $3.60 per gallon, according to statistics from AAA.