The following article, Biden Regime is Set to Release One Million Barrels of Oil By July 4, was first published on Big League Politics.
The Biden regime is expected to release a million barrels of oil from reserves in an attempt to lower fuel prices for Americans for this year’s 4th of July celebrations.
On May 22, 2024, the Department of Energy announced that it would try to reduce transportation costs for American consumers in the summer of 2024 by increasing supply from reserves stored in northeastern states.
Selling the petrol will shut down the Northeastern Gasoline Supply Reserve, which was set up in 2014 after Hurricane Sandy left retailers without any gas to sell to the public.
Back in March, Joe Biden signed a law that forced the closure of the reserve on the basis that storing gasoline is more expensive than storing crude oil.
Jennifer Granholm, the US Energy secretary, announced the release would lower fuel prices for Americans this summer, lowering the cost of summer road trips.
“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,” Granholm added on May 22.
Both crude oil and gasoline prices rose precipitously from January to the middle of April 2024, as global instability was brought about by conflicts in the Middle East with the OPEC group of oil-exporting countries also cutting gas supplies to the West.
With energy prices rising, the Biden regime is scrambling to lower prices ahead of the 2024 presidential election. The Trump campaign has hit the Biden team hard for its inflationary policies that have made the cost of living a major problem for millions of Americans.
The million barrels are expected to be sold in New Jersey and Maine and are expected to be felt at the pump by June 30 at the latest, the Department of Energy announced.
Biden is clearly on the ropes. Inflation and the rising cost of living is making Americans restless. This is not a random occurrence. It’s a result of easy money and heavy regulatory policies that have made the US economy stagnate and susceptible to sharp cost of living increases.
Until central banking is abolished and the regulatory state is downsized, the US will continue to be affiliated by massive cost of living increases.
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