"Lower Gasoline Prices"... Biden Releases 1 Million Barrels from Strategic Reserves
by Kwon Haeyoung
Published 22 May.2024 04:00(KST)
Updated 22 May.2024 08:28(KST)
Inducing Fuel Price Reduction Ahead of Summer Vacation Season
The Joe Biden administration in the United States will release strategic petroleum reserves to control gasoline prices before the summer vacation season ahead of the November presidential election.
On the 21st (local time), the U.S. Department of Energy announced that it will release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve (NGSR).
The Department of Energy explained, "The government is focusing on lowering gasoline prices at gas stations ahead of the summer season when vehicle driving increases."
As Americans travel frequently around Memorial Day on the 27th of this month and Independence Day on July 4th, the Biden administration's move to reduce gasoline prices is analyzed as an effort to gain voter support in the upcoming November election. Inflation relief is considered one of President Biden's biggest challenges ahead of the election. Previously, Moody's predicted that if the gas station gasoline price exceeds $4 per gallon (approximately 3.78 liters) in April, former President Donald Trump would win the election.
According to the American Automobile Association (AAA) website, the average gasoline price in the U.S. on this day is $3.598 per gallon. This is a slight increase from $3.539 a year ago.
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