Staff Reports
President Biden recently announced plans to release one million barrels of gasoline from the Northeast Gasoline Supply Reserve in an effort to lower gas prices ahead of the summer travel season and the 2024 election. The move comes as gas prices remain high, despite a $1.40 decrease from their peak following Russia’s war. White House Press Secretary Karine Jean Pierre emphasized the administration’s efforts to lower gas prices during a recent briefing.
However, critics argue that tapping into the Northeast Gasoline Supply Reserve for political reasons goes against its intended purpose. The reserve was established in response to natural disasters or other emergencies that disrupt fuel supplies, not to address price fluctuations for political gain. The reserve was created in 2012 after Superstorm Sandy caused significant damage to refineries and terminals in the northeastern United States, leaving some gas stations without fuel for up to 30 days.
#FJB, his inflationary spending, and his war on fossil fuels. Biden Taps U.S. Oil Reserves for Political Reasons…Again https://t.co/mIbZGNw9NC
— Jim Sheehy (@JimSheehy1) May 29, 2024
The decision to release gasoline from the reserve has sparked debate, with some expressing concern that it could undermine the reserve’s ability to effectively respond to future emergencies. Critics point to the original intent of creating a buffer large enough to allow commercial companies to compensate for disruptions in supply, while maintaining stock levels sufficient to respond to routine disruptions.
Overall, the announcement raises questions about the appropriate use of emergency reserves and whether political reasons should factor into decisions regarding their release.
