ultimatetexasholdemonlinefree| New measures to curb oil prices! The Biden administration announced it would sell nearly 1 million barrels of gasoline reserves

Xinhua News Agency, May 22 (editor Xiaoxiang)-the Biden administration said on Tuesday that it would release 1 million barrels of gasoline from reserves in the northeastern United States to help contain the rise in oil prices this summer.

The reserve was built in the United States after Super Hurricane Sandy in 2012. It is reported that the sale will be carried out from storage sites in New Jersey and Maine and will be released in increments of 100000 barrels at a time.

The US Department of Energy said this would ensure that gasoline could be sold to local retailers and sold at competitive prices by July 4, the US Independence Day holiday.

The U.S. Department of Energy also pointed out that the move is aimed at helping "reduce costs for American households and consumers." The window for selling 1 million barrels (about 42 million gallons) of gasoline is designed to provide relief to motorists at the start of the summer driving season.

According to the American Automobile Association (AAA), the average price of gasoline in the United States is about 3% per gallon.Ultimatetexasholdemonlinefree.60 US dollars, up 6 cents from a year ago.

It is worth mentioning that this is also the second highest price of gasoline at a gas station in the United States in nearly a decade at the time of the arrival of the memorial (next Monday), second only to 2022.

The Biden administration needs to make an urgent move to reduce inflation.

Analysts pointed out that the use of gasoline reserves is one of the few actions that the Biden administration can take alone to try to control inflation, which is also a gesture that the White House is eager to show to the outside world before the election.

U.S. Energy Secretary Jennifer Granholm said in a statement, "the Biden-Harris administration is focused on reducing oil prices for American families, especially during the summer driving season." By strategically releasing this reserve between Memorial Day and July 4, we have ensured that when Americans need it most, adequate supply flows to the three states of the New York Metropolitan area (New York, New Jersey and Connecticut) and the Northeast. "

White House Press Secretary Karin Jean-Pierre (Karine Jean-Pierre) pointed out that the release of gasoline reserves in the Northeast is based on actions taken by President Biden to reduce gasoline and energy costs, including the historic release of strategic oil reserves and the largest investment in clean energy.

After the outbreak of the conflict between Russia and Ukraine, Biden released a large amount of strategic oil reserves in 2022, reducing the strategic oil reserves to the lowest level since the 1980s. Biden's move helped stabilize rising oil prices as a result of the war between Russia and Ukraine, but prompted complaints from Republicans that he was playing politics with oil reserves used for the country's state of emergency.

It is worth mentioning that Biden's latest gasoline reserves are relatively independent and more regional. Republicans in Congress have long criticized the northeast gasoline reserve established by former President Barack Obama, saying any such reserve should be established by Congress. According to a report by the Government Accountability Office in 2022, gasoline reserves can only provide minimal relief in the face of severe gasoline shortages. But the reserve has never been used, and the annual maintenance cost is still about $19 million.

Patrick De Haan, an analyst at GasBuddy, said the sale of gasoline reserves in the northeast would have little impact on national gasoline prices, although the northeast could face slight downward pressure on prices.UltimatetexasholdemonlinefreeHe pointed out that millions of barrels of gasoline reserves are actually only equivalent to the total gasoline consumption in the United States in 2.7 hours.

De Haan also pointed out in an interview, "as an analyst, gasoline reserves have never really made sense." Because gasoline has a shelf life, the reserves are very small and must be replaced frequently. That's why no country has emergency gasoline reserves except the United States. "