White House Praises Efforts to Lower Gas Prices Ahead of Fourth of July Travel Campaign

The Biden administration on Tuesday announced the sale of 1 million barrels of gasoline, making its latest effort to lower gas prices ahead of the July 4 travel blitz.

The Department of Energy’s Office of Petroleum Reserves (DOE) will release 1 million barrels — about 42 million gallons of gasoline — from a Northeast reserve to lower pump prices ahead of what is expected to be a record trip to July. 4 holiday, the DOE said in a statement.

“Gas prices have dropped almost 20 cents in the last two months, but we know there is more to do. This release will help reduce prices at the pump, building on President Biden’s other actions, including historic releases of the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy,” Counselor wrote on Tuesday. National Economic Lael Brainard.

Brainard lashed out at congressional Republicans on Tuesday, arguing that they have yet to offer “a signal proposal to reduce costs” while Biden is “fighting every day for working families.”

More than 70 million people are expected to travel 50 miles or more the week of July 4, AAA predicted last week. That’s 5% higher than the number of travelers during the Fourth of July last year and 8% higher than 2019 numbers, the company said.

“By releasing this reserve before July 4, we are ensuring sufficient supply flows to the Northeast at a time when American workers need it most,” Energy Secretary Jennifer Granholm said Tuesday.

Contracts were awarded to five companies, including BP; George E. Warren, LLC; Vitol, Freepoint Commodities and Irving Oil. Barrels sold for an average of $2.34 per gallon.

The release of the Northeast Gasoline Supply Reserve was expected to be completed by Monday and will hit the market shortly thereafter, according to the DOE.

The sale will ensure the supply of gasoline to local retailers in several states, including Maine, New Hampshire, Vermont, Massachusetts,
Connecticut, Rhode Island, New York, New Jersey and Pennsylvania.

Gas prices started this summer lower than usual, with experts citing subdued demand and cheaper factors as reasons for the subdued costs.

The White House’s latest move to lower gasoline prices comes ahead of the 2024 presidential election, in which President Biden is vying for a second term in the Oval Office. Although presidents have little or nothing to do directly with gas prices, they are often credited or blamed for it by voters.

Prices on Monday were at a national average of $3.49, slightly above last week’s average of $3.45. according to AAA. This is about 5 cents lower than last year’s national average, when prices were about $3.54.

This story originally appeared on thehill.com read the full story