Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4
https://www.cnbc.com/2024/05/21/biden-to-release-1-million-barrels-of-gasoline-to-reduce-prices-at-the-pump-ahead-of-july-4.html
by audiomuse1
Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4
https://www.cnbc.com/2024/05/21/biden-to-release-1-million-barrels-of-gasoline-to-reduce-prices-at-the-pump-ahead-of-july-4.html
by audiomuse1
5 comments
Hope we don’t go to war soon & need that oil…I remember Trump tried to add to reserves when prices were much lower & was blocked from doing so
Another effort by Biden to buy votes prior to the election. 1 million barrels of gasoline in the market will not move the needle price wise.
1 million barrels? Bullshit. Why did he abandon Keystone Pipeline? US should import/produce more gas from neighboring countries than make other countries rich while making it’s own citizens poor.
As recently as Feb 2024, the United States produced 8.6 Million barrels of finished motor gasoline **per day**
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGFUPUS2&f=M
A 1 million barrel supplement would have only a minor impact on actual prices if it was all sold on a single day, and next to no impact sold off over a couple of months. This is an entirely political move. And good for him, but the reason they’re using the actual number is because the real impact is limited.
Here we go again. Start buying oil futures. There will likely be more of these between now and election time. Oil costs are going to spike hard this winter if it’s a cold one.