The Biden administration is releasing gasoline reserves. Will it lower prices at the pump?
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The Biden administration is releasing 1 million barrels of gasoline from a Northeast reserve in an effort to reduce prices at the pump during the summer driving season. The gasoline will be sold in 100,000-barrel tranches over a six-week period between Memorial Day and July 4. Experts believe that while the release may result in a modest reduction in prices for drivers in the mid-Atlantic and Northeast, it will have little effect nationwide. The national average price for a gallon of unleaded regular gas is currently $3.61, which is a slight increase from a year ago. The release of gasoline reserves is unlikely to help regions like the West Coast where drivers are experiencing the highest prices due to a lack of pipeline capacity. The Northeast Gasoline Supply Reserve was established in the mid-2010s after Superstorm Sandy, and the decision to empty the reserve comes after Congress called for its closure. The Biden administration sees this release as part of its effort to lower energy prices for American consumers. Rising gas prices can negatively impact a president's approval rating, as each 10-cent increase in gas prices is associated with a decline in presidential approval.

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https://abcnews.go.com/Business/biden-administration-releasing-gasoline-reserves-lower-prices-pump/story?id=110496772