The White House announced that the federal government completed the sale of 1 million barrels of gasoline. The gas came from the Northeast Gasoline Supply Reserve (NGSR). They are bragging about draining our emergency reserves.
It only lowers prices temporarily. They want Democrats to look good for the election.
Last month, the government announced releasing 42 million gallons of gas from Maine and NJ storage facilities. The purpose was to help lower pump prices heading into the busy summer.
The federal government awarded contracts to all the firms: BP (500,000 barrels), Vitol (200,000 barrels), Freepoint Commodities (100,000 barrels), George E. Warren (100,000 barrels), and Irving Oil (98,824 barrels).
Gas reserves were sold cheaply at an average of $2.34 per gallon. Anything to get Joe Biden reelected!
Senior administration officials touted the news as another victory for the federal government’s inflation-fighting efforts. It does nothing to help inflation. It’s a temporary improvement with no lasting effects. It is depleting our reserves.
THEY ARE BRAGGING ABOUT IT
“The Biden-Harris Administration continues to take strategic action to lower prices for American consumers in every aspect of their lives—especially as summer driving season ramps up,” said Energy Secretary Jennifer Granholm. “By releasing this reserve ahead of July 4th, we are ensuring sufficient supply flows to the northeast at a time hardworking Americans need it the most.”
“Gas prices have come down nearly 20 cents in the last two months, but we know there is more to do,” said Ms. Brainard. “This release will help lower prices at the pump, building on other actions by President Biden, including historic releases from the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy.”
According to the American Automobile Association (AAA), gas prices are around $3.49 per gallon. That’s down 5 cents from a year ago.
Our reserves are way down. At the same time, the administration is doing what it can to destroy our fossil fuel industry at its core.
You have to give the administration credit for turning a bad idea into an achievement.
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