Biden to Release Gas Reserves, Trump Calls it Political

The Biden administration announced plans to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve, a strategic move aimed at reducing gasoline prices as the summer travel season begins. The Department of Energy revealed this decision on Tuesday, emphasizing that the release is intended to provide immediate relief at the pump for American drivers. The move comes at a time when fuel prices are a significant concern for consumers and the administration alike. Energy Secretary Jennifer Granholm highlighted that the gasoline will be “strategically released” between Memorial Day and July 4, targeting a period of high demand to ensure a steady supply to the tri-state area and the broader Northeast region.

The Northeast Gasoline Supply Reserve was established during the Obama administration in response to Hurricane Sandy in 2012. Its purpose was to provide a buffer against disruptions in the gasoline supply chain in the Northeast, a region heavily impacted by the storm. The reserve holds gasoline that can be quickly distributed in emergencies or during periods of high demand. However, with this release, the reserve will effectively be closed. GasBuddy analyst Patrick De Haan explained that while the decision to release and close the reserve might seem politically timed, it eliminates the annual need to refuel the reserve, which has been a logistical challenge for the industry.

Former President Donald Trump has been vocal in his criticism of the Biden administration’s decision. He argues that the release of gasoline from the reserves is a politically motivated attempt to lower prices ahead of the upcoming election. Trump contends that gas prices remain “higher than they’ve been in a long time,” pointing to the national average of $3.60 per gallon, as reported by AAA. This is still significantly below the all-time peak of $5.02 per gallon reached in June 2022. Trump further accused Biden of using the reserve as a stopgap measure because he is “unable to drill properly,” referring to the administration’s policies that prioritize renewable energy and electric vehicles over traditional fossil fuel extraction. Trump made these comments outside the courtroom where his hush money trial is taking place, reiterating his stance against Biden’s energy policies without providing specific examples of how Biden’s drilling policies have impacted current gas prices.

While President Biden has indeed taken steps to protect large swaths of land from drilling and mining activities, including significant areas in Alaska and Montana, his administration’s stance on fossil fuel production is not entirely aligned with environmental advocates. Last March, the Biden administration approved the ConocoPhillips drilling project within Alaska’s National Petroleum Reserve, a controversial decision that could yield up to 600 million barrels of oil over the next 30 years. The project, estimated to cost between $8 billion and $10 billion, faced significant opposition from environmental groups and some Democratic lawmakers. Critics, including Sierra Club director Ben Jealous, argue that such approvals undermine the administration’s broader climate goals and commitments to reducing greenhouse gas emissions from public lands.

As Memorial Day weekend approaches, gas prices have seen a slight decrease, providing some relief to drivers. AAA anticipates that 38.4 million Americans will travel by car over the holiday weekend, an increase from 36.9 million last year. This uptick in travel highlights the importance of stable gas prices during peak travel periods. Analysts predict that the national average for a gallon of gasoline will hover in the mid-$3 range throughout the holiday weekend. However, regional variations will persist, with drivers on the West Coast facing prices between $4 and $6 per gallon. California, in particular, remains the state with the highest average gas price at $5.19 per gallon, as reported by AAA. This disparity underscores the ongoing challenges in achieving uniformity in gas prices across the country.