The average price for a gallon of gas has fallen below what it was one year ago, and the White House is preparing to go on the offense politically as consumers see more money in their pockets ahead of the holidays. The administration argument? Thank President Biden.
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President Joe Biden will buy oil to refill the Strategic Petroleum Reserve (SPR) at a price that is nearly three times higher than the price the Trump administration would have paid.
Biden’s Energy Department (DOE) aims to buy back crude oil at a price of $67 to $72 per barrel after selling 15 million barrels in December to complete the largest series of SPR releases in the nation’s history, according to a White House fact sheet. Former President Donald Trump proposed in March 2020 to refill the strategic reserves at a price of $24.49 per barrel; however, Senate Majority Leader Chuck Schumer helped block the proposal, calling it a “bailout for big oil.”
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The Biden administration will announce the sale of 14 million crude oil barrels from the Strategic Petroleum Reserve (SPR) this week, set to lower gas prices before the November midterm elections, according to Reuters.
The administration will direct the Energy Department (DOE) to auction the remaining 14 million barrels after President Joe Biden authorized the sale of 180 million barrels of oil in March to bring down gas prices, Reuters reported Tuesday, citing sources familiar with the situation. The White House is desperate to lower the price of gasoline due to concern that high prices could weaken the Democrats’ chances of winning key congressional and gubernatorial races on Nov. 8.
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Amid the Biden administration’s plans to sell historic amounts of the Strategic Petroleum Reserve, Representative Rob Wittman (R-VA-01) has introduced the “No Oil for CCP Act.” The bill specifically bans exporting SPR oil to China, North Korea, Iran, or recipients under the influence of the Chinese Communist Party.
“Following reports that the Department of Energy sold nearly 1 million barrels of Strategic Petroleum Oil to a Chinese owned petrochemical company, I sounded the alarm on the implications this would have on our economy and national security. By prohibiting the sale of petroleum products to China, Chinese controlled companies, Iran, or North Korea, the No Oil for CCP Act would provide much needed oversight and increased security. Any transfer of the United States’ SPR’s oil to China – or other foreign adversaries – must stop. I look forward to advocating for this legislation and holding this Administration accountable,” Wittman said in a Wednesday press release.
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First, don’t blame the vehicle. It is a tool that might be just what Los Angeles needs to cope with inversions. Electric vehicles are also very good as airport shuttles and for other locations where short, repetitive routes are the primary use. Some may even be fun to drive (except when they catch on fire).
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Over the past week, Tennesseans have seen a slight dip in prices at the pump after those prices reached record highs in the state and across the nation.
According to the American Automobile Association (AAA), the average price for a gallon of gas in Tennessee was $4.58 on Tuesday. That’s a one penny drop from Monday’s average of $4.59.
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Tennessee U.S. Representative Mark Green blasted the Biden administration’s depletion of the Strategic Petroleum Reserve on Tuesday.
“Depleting our Strategic Petroleum Reserve to save face politically is completely reckless (and won’t ease gas prices),” said Green in a tweet.
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The Biden administration announced plans Thursday to refill the Strategic Petroleum Reserve (SPR) two years after Democrats blocked the Trump administration’s similar, but cheaper proposal.
The Department of Energy (DOE) said it would initiate a long-term SPR replenishment plan involving a purchase of 60 million barrels of oil that would likely occur in 2023, according to the announcement. President Joe Biden has ordered a 50-million-barrel SPR release in November, a 30-million-barrel release on March 1 and a 180-million-barrel release on March 31 to combat rising gasoline prices.
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Economists across the U.S. expect ongoing inflation as the growth projections for the U.S. economy have plummeted, according to a newly released survey.
The National Association for Business Economics released a survey of 234 economic experts Monday that highlights major concerns about the U.S. economy. The report found inflation ranks as a top worry for economists.
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The price of crude oil touched its highest level in nearly 11 years on Wednesday amid the ongoing Ukraine crisis which has roiled energy markets.
The WTI index, the U.S. benchmark index, surged to $112.09 per barrel, its highest level since May 2011, early Wednesday before receding near $108 per barrel, marketplace data showed. The global Brent crude benchmark approached $114 per barrel then dropped below $111 a barrel.
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The Department of Energy (DOE) announced Tuesday the release of millions of barrels of oil from the Strategic Petroleum Reserve (SPR) to combat soaring gas prices.
The DOE approved the release of 13.4 million barrels from its SPR, marking the second-largest exchange from the reserve and bringing the total amount of oil released from the cache to almost 40 million barrels.
Exchange contracts for the released oil have were awarded to seven companies. President Joe Biden authorized a plan in November 2021 to release 50 million barrels of crude oil from the SPR in a coordinated effort with China, India, Japan, South Korea and the U.K. to combat surging gas prices and assist in the COVID-19 pandemic recovery.
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The price of gasoline is set to increase to $4 per gallon or more within five months, according to an industry analysis released Tuesday.
The gas price surge is forecasted to take place by Memorial Day in late May, according to the report from GasBuddy, an app that tracks pump prices, and shared with CNN. But the analysis said the average cost of gasoline at pumps nationwide would then fall throughout the summer and fall of 2022, declining below current prices.
“We could see a national average that flirts with, or in a worst-case scenario, potentially exceeds $4 a gallon,” Patrick De Haan, the director of petroleum analysis at GasBuddy, told CNN.
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RICHMOND, Virginia – Congressmen Abigail Spanberger (D-VA-07) and Donald McEachin (D-VA-04) touted the recently-passed $1.2 trillion Infrastructure Investment and Jobs Act, highlighting funds for Virginia’s infrastructure and the benefits the measure will bring to Virginia workers.
“Getting this legislation to President Biden’s desk and signed into law was one of my top priorities this year in Congress, because I know it’s a win for Virginia,” Spanberger said. “With the stroke of a pen we are finally addressing the needs of our roads, our bridges across the Commonwealth, the need for the expansion of broadband connectivity. We’re building out our electric vehicle network and boosting our efforts to build our resiliency against climate change. We’re making smart and long overdue investments in our electrical grid, our water infrastructure, our ports, and our rail systems. These investments will mean faster commute times, lower energy bills, safer drinking water, and faster trips throughout Virginia.”
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Environmentalists voiced support for President Joe Biden’s decision to tap into the U.S. Strategic Petroleum Reserve (SPR) despite their firm opposition to fossil fuels.
“The Biden admin is taking effective action to protect Americans from oil price gouging. This is what reserves are for — defending our economy against disruption,” Democratic Sen. Ed Markey, a climate hawk and Green New Deal proponent, tweeted Tuesday. “Profiteering can’t go unanswered, especially as Big Oil makes billions and fuels the climate crisis through exports.”
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