(StraightNews.org) – President Biden will release a million barrels of gasoline from the nation’s reserves to drive down pump prices in time for the July 4 holidays. The Energy Department said the barrels will be released in increments of 100,000 from storage sites in New Hampshire and Maine and will help “lower costs for American families and consumers.” The federal government has confirmed that the Northeastern Reserve will close after the barrels enter the market at competitive rates.
The Northeast Gasoline Supply Reserve was established in 2014, and its closure was included in the government funding package passed by Congress in March. The sale was proposed due to the high cost of maintaining the reserves – approximately $13 per barrel annually.
Donald Trump criticized the Biden administration for cynical electioneering, saying one million barrels won’t be enough to help Americans struggling with high inflation. The former President claimed the Biden administration is attempting to disguise the fact that gas prices are higher than they have been for years because it is “unable to drill properly.”
Mr. Trump has consistently placed increased drilling at the heart of his energy policy and said he will also boost gas extraction and lift current White House bans on exports. At a recent rally in the crucial swing state of Pennsylvania, Trump said he would reverse Biden’s decision to halt liquified natural gas projects in a state that produces one-fifth of America’s total.
In January, the federal government announced a pause on gas exports as part of a wide-ranging review. Energy Secretary Jennifer Granholm said enormous export increases, mainly to Europe, signaled the need for an industry analysis. Granholm said the government should question if it is exporting too much of what is needed at home, while President Biden linked the issue to climate change.
White House National Climate Adviser Ali Zaidi said the review would examine the climate change implications of shipping such high quantities of natural gas overseas.
Copyright 2024, StraightNews.org
