The Biden administration will release 1 million barrels of gasoline from reserves in the Northeast to lower prices ahead of the 4th of July. The Department of Energy aims to ensure sufficient supply during the summer driving season through a competitive bidding process. Gasoline futures have increased 19% this year due to OPEC production cuts, though recent weeks have seen some price relief. The gasoline will be distributed to retailers and terminals by June 30, with prices at the pump currently averaging $3.59 per gallon nationwide. Read more here: https://hubs.la/Q02z4Kkd0 Explore opportunities today: Senior Development Manager 📍Illinois, USA: https://hubs.la/Q02z4MV60 Preconstruction Director 📍 South Carolina, USA: https://hubs.la/Q02z4HDC0
I agree with RH. Plus the SPR has limited cycles because this oil is stored in old salt mines. It's a fiscal fool's idea that this would assist in lowering current gas prices. The SPR should never be used unless we are at war or truly in dire need.
Buy low. Sell High!! I was taught that. I don't blame Biden for learning from History.
Religious Affairs Specialist / Intelligence Analyst at Oklahoma Air National Guard
1moThe US uses 9.6 million gallons of gas per day. 1 million gallons from the strategic reserves will not make a difference. He should leave it there and stop trying to buy votes.