WASHINGTON — The Biden administration announced Tuesday that it will sell off 1 million barrels of gasoline held in case of emergencies — with the Energy Department explicitly citing an interest in keeping gas prices low over the summer driving season ahead of the November election.
The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve that was established in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area.
“The Biden-Harris Administration is laser focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,” Energy Secretary Jennifer Granholm said in a statement.
“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.”
Skeptics noted that the complete draining of the Northeast reserve, which was authorized in a March government spending bill, was unlikely to significantly impact prices — which currently average $3.60 per regular gallon, up from roughly $2.38 when Biden took office and $3.54 at this time last year, according to AAA data.
The US used about 8.94 million barrels of gasoline per day as of 2023, according to the US Energy Information Administration, meaning that Tuesday’s release would cover fewer than three hours of average US consumption.
“A cynical political move. Like a drop in the ocean,” wrote one X user.
Staten Island Rep. Nicole Malliotakis (R-NY) tweeted, “He should just reverse his damaging anti-energy policies.”
“Depleting our emergency reserves while discouraging domestic production. Such a winning strategy!” tweeted Gabriella Hoffman, energy and conservation director of the Independent Women’s Forum.
“Under Trump, it was ‘drill, baby, drill.’ Under Biden, it is ‘drain, baby, drain,’” tweeted Charles Correll III, a speechwriter for Sen. John Barrasso (R-Wyo.).
The Strategic Petroleum Reserve had more than 638 million barrels of crude oil when Biden took office. It currently has fewer than 361 million barrels of crude oil, according to federal data.
