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Biden Administration Sells 1 Million Barrels of Emergency Gasoline to Lower Prices Ahead of July 4th

The Biden Administration has once again turned to exploiting emergency fuel reserves in order to lower gas prices for political purposes, aiming to sell one million barrels ahead of the Independence Day holiday.

As the Daily Caller reports, the Department of Energy (DOE) made the announcement that one million barrels from the Northeast Gasoline Supply Reserve (NGSR) would be sold via contracts awarded to five different energy companies. NGSR is part of the larger Strategic Petroleum Reserve (SPR) system, which the Biden Administration has repeatedly depleted for political purposes.

“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.”

A total of 19 proposals were submitted by the five companies, with each company receiving a contract. Each barrel is being sold for approximately $2.34 per gallon. The sale intends to target gas prices in the states of Connecticut, Maine, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, and Vermont. Of those nine states, the lowest statewide average price for a gallon of gas is New Hampshire, at $3.38.

The Biden Administration previously used the SPR in 2021 and 2022 as gas prices rose with broader inflation. Over 180 million barrels were sold on the open market in 2022, ahead of the midterm elections in which the Democrats were narrowly defeated in the House of Representatives. Several million of these barrels were purchased by Chinese companies.

As a result of repeated political plundering, the SPR is currently at its lowest level in 40 years. The DOE has since attempted to refill the reserve, but this has proven difficult due to oil prices remaining high.

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About Eric Lendrum

Eric Lendrum graduated from the University of California, Santa Barbara, where he was the Secretary of the College Republicans and the founding chairman of the school’s Young Americans for Freedom chapter. He has interned for Young America’s Foundation, the Heritage Foundation, and the White House, and has worked for numerous campaigns including the 2018 re-election of Congressman Devin Nunes (CA-22). He is currently a co-host of The Right Take podcast.

Photo: Oil industry well pump under blue desert sky, nodding donkey rig pumping crude oil up from the ground of an oil field in the desert.

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