Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
From the Bloomberg article I read on this, 1 million barrels is a blip and won't meaningfully impact prices. The east coast consumes 3 million barrels PER DAY in the month of June.
Also, this action was mandated to happen by congress in a funding bill from March, mostly because the cost of maintaining gasoline reserves is much higher ($13/barrel/yr) than maintaining crude oil reserves ($0.30/barrel/yr).
I swear over the weekend i heard something about them buying. Apparently they have a target cost that they try to keep it to or at least try to prevent sudden changes.
This is not only politically smart and strategically sound, it's the right thing to do. The oil reserve should be used to moderate prices, and keep everyone from Chevron to MBS in check.
Thanks Uncle Joe and Uncle Sam.
This is 90 minutes of domestic use. It's a nothingburger story. I wouldn't get too far up Uncle Joe's ass.
This is the best summary I could come up with:
WASHINGTON (AP) — The Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
“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 the statement.
“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.”
White House Press Secretary Karine Jean-Pierre said release of gas from the Northeast reserve builds on actions by President Joe Biden, a Democrat, “to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy.″
Biden significantly drained the Strategic Petroleum Reserve in 2022 following Russia’s invasion of Ukraine, dropping the stockpile to its lowest level since the 1980s.
The election year move helped stabilize gasoline prices that had been rising in the wake of the war in Europe but drew complaints from Republicans that the Democratic president was playing politics with a reserve meant for national emergencies.
The original article contains 442 words, the summary contains 209 words. Saved 53%. I'm a bot and I'm open source!
We already have record breaking fossil fuels production, why not increase domestic usage too?
Next thing you'll know he'll increase tax subsidies to pump prices are cheaper but we pay more in other taxes unless we drive a giant truck long distances.
I don't get why Biden always does this performative shit instead of, you know, just actually helping people.
I don’t get why Biden always does this performative shit instead of, you know, just actually helping people.
You and the guy that says "Why isn't Biden doing more to keep inflation in check?!" should meet and talk on your shared contradictory positions.
Spoiler: that conversation will just be them looking around to see if anyone else is listening followed by asking each other how many people they've tried to discourage from voting.
Oh, it's you.
Next thing you'll know he'll increase tax subsidies to pump prices are cheaper but we pay more in other taxes unless we drive a giant truck long distances.
He's cutting costs, and you're angry at imaginary problems?
Someone else pointed out that the east cost apparently uses 3mil barrels per day. I highly doubt costs will be cut here. Plus the U.S. already has cheap as dirt gas prices. The guy you’re reaponding to is mad at imaginary solutions.
If Biden wants to help people he needs to reduce the reliance on fossil fuels. He needs to revise the rules that incentivise building larger, hungrier vehicles, and the citizens need to stop bitching and moaning while driving around objectively worthless guzzlers. Anyone who drives a truck or SUV when they could easily just own a station wagon has negative respect from me.
I am aware, also, that several things can happen at once but centrists are always so fucking weak in their responses to anything and never solve any problems without the left having to twist their arm every which way for decades. It’s exhausting.
That's their secret, they're always angry.
Smacks of desperation.
Irony.