Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

[1srelluc]

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.

apnews.com

WASHINGTON (AP) — The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.

The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said.

The move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.

The Energy Department said the sale of 1 million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving season begins.

Biden just drained the Northeast strategic gasoline reserve to push gas lower by a few cents on July 4.

And here I thought those reserves were for national emergencies, not electing FJB.

Silly me.

It just goes to show the hidden deals that were made in the spending package.

 

[Maxdeath]

May not do a lot to fix his terrible approval numbers and probably will not help his poll numbers. Doubt that bit of gasoline will drop prices that much. But hey if you have no other way to get your head above water I guess you have to get rid of what someone else has done in hopes it helps

 

[Rambunctious]

At best it will keep prices at the pump from going up but it won't be enough to bring prices down... we are on the verge of summer pricing and once again too late Biden strikes again...
I wonder what our enemies are thinking knowing our strategic oil supply has been depleted so Biden can look better....

 

[petro]

Even if it dropped a buck, I wouldn't vote for the old fool.

 

[excalibur]

No wonder, in spite of cancer at his age, that Jimmy Carter is still alive.

He is basking in the cold glow that Biden gives off, no doubt while wearing one of his famous cardigans, as the worst President in Post Civil War history.

Back in March, when reading the mammoth, 1050-page bill that was meant to avert government shutdown, but was yet another pork filled free-for-all bonanza authorizing $1.7 trillion in in discretionary spending, we stumbled upon something that was truly shocking: after Biden singlehandedly drained half of the US strategic petroleum reserve to avoid obliteration for Democrats in the 2022 midterm elections, Congress has snuck in a provision that would sell off and shutter the Northeast Gasoline Supply Reserve, a move that while perhaps keeps gas prices lower for a day or two, would also leave the entire continental northeast defenseless to any true environmental catastrophe or shock. We were so shocked by the inclusion of this particular text, we wondered if it hadn’t been put there solely for the benefit of America’s enemies…



… because surely nobody in their right mind, not even the illegitimate senile occupant of the White House, would ever pursue such short-term gains at the expense of potentially disastrous long-term consequences to the entire nation.


We were wrong: earlier today, just two months after the bill was signed by Biden into law, the panicking administration announced that it would sell the nearly 1 million barrels of gasoline in the US managed stockpile in northeastern states, the Department of Energy said, effectively closing the reserve.


The department created the Northeast Gasoline Supply Reserve (NGSR) in 2014 after Superstorm Sandy left motorists scrambling for fuel. But, according to some megabrains hoping to justify the dumping of gas so its price drops for a few weeks ahead of the summer and avoid even more anger aimed at the president, storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed by President Joe Biden in March.


Bids to buy the gasoline located at the two NGSR storage sites in Port Reading, NJ (900,000 bbl) and South Portland, ME (98,824 bbl), are due on May 28 and the Treasury Department’s general funds gets proceeds from the sale. Incidentally, the proceeds from the reserve liquidation – which will amount to roughly $125 million gross (and far less net) – is roughly how much the government spends every 15 minutes!


So is it better to have a gasoline reserve for unexpected events, or to fund a quarter hour of US government’s spending? Don’t answer that. Of course, the answer is neither – the whole point of selling the gasoline is to depress prices at the pump if only for a few days to help Americans forget about the great inflationary nightmare they have been in for the past 3 years.

The volumes will be allocated in quantities of 100,000 barrels with each barrel containing 42 gallons, the department said and said it would require that fuel is transferred or delivered no later than June 30. That will ensure the gasoline can flow into local retailers ahead of the Fourth of July holiday and that it will be sold at competitive prices. Translation: Biden just drained the Northeast strategic gasoline reserve to push gas lower by a few cents on July 4.

For context, gas prices at the pump this Memorial Day will be the second most expensive in a decade – dramatically above the ten-year average of $2.91…

...​

Dementia Joe Drains the Entire Northeast Gasoline Reserve in Desperate Bid to Lower Gas Prices as He Trails Trump by Double Digits - 🔔 The Liberty Daily

If you love the news, check out The Liberty Daily's homepage. (ZeroHedge)—Back in March, when reading the mammoth, 1050-page bill that was meant to avert government shutdown, but was yet another pork filled free-for-all bonanza authorizing $1.7 trillion in in discretionary spending, we stumbled...

thelibertydaily.com

 

[excalibur]

From the OP:

As for the real reason behind the latest myopic decision by the Biden admin, today we learned that Trump’s lead over Biden has widened to 13pp in the betting market, the largest difference since mid-March. Meanwhile, political event prediction website PredictIt places higher betting odds on Trump than Biden for the first time since March.​

 

[JGalt]

 

[Harpy Eagle]

... a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.

Oh dear, Biden is following the law passed by Congress.

What a traitor he is, how dare him follow the laws as passed.

 

[Mikeoxenormous]

No wonder, in spite of cancer at his age, that Jimmy Carter is still alive.

He is basking in the cold glow that Biden gives off, no doubt while wearing one of his famous cardigans, as the worst President in Post Civil War history.

​

Back in March, when reading the mammoth, 1050-page bill that was meant to avert government shutdown, but was yet another pork filled free-for-all bonanza authorizing $1.7 trillion in in discretionary spending, we stumbled upon something that was truly shocking: after Biden singlehandedly drained half of the US strategic petroleum reserve to avoid obliteration for Democrats in the 2022 midterm elections, Congress has snuck in a provision that would sell off and shutter the Northeast Gasoline Supply Reserve, a move that while perhaps keeps gas prices lower for a day or two, would also leave the entire continental northeast defenseless to any true environmental catastrophe or shock. We were so shocked by the inclusion of this particular text, we wondered if it hadn’t been put there solely for the benefit of America’s enemies…​

​

​

​

… because surely nobody in their right mind, not even the illegitimate senile occupant of the White House, would ever pursue such short-term gains at the expense of potentially disastrous long-term consequences to the entire nation.​

​

​

We were wrong: earlier today, just two months after the bill was signed by Biden into law, the panicking administration announced that it would sell the nearly 1 million barrels of gasoline in the US managed stockpile in northeastern states, the Department of Energy said, effectively closing the reserve.​

​

​

The department created the Northeast Gasoline Supply Reserve (NGSR) in 2014 after Superstorm Sandy left motorists scrambling for fuel. But, according to some megabrains hoping to justify the dumping of gas so its price drops for a few weeks ahead of the summer and avoid even more anger aimed at the president, storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed by President Joe Biden in March.​

​

​

Bids to buy the gasoline located at the two NGSR storage sites in Port Reading, NJ (900,000 bbl) and South Portland, ME (98,824 bbl), are due on May 28 and the Treasury Department’s general funds gets proceeds from the sale. Incidentally, the proceeds from the reserve liquidation – which will amount to roughly $125 million gross (and far less net) – is roughly how much the government spends every 15 minutes!​

​

​

So is it better to have a gasoline reserve for unexpected events, or to fund a quarter hour of US government’s spending? Don’t answer that. Of course, the answer is neither – the whole point of selling the gasoline is to depress prices at the pump if only for a few days to help Americans forget about the great inflationary nightmare they have been in for the past 3 years.​

​

The volumes will be allocated in quantities of 100,000 barrels with each barrel containing 42 gallons, the department said and said it would require that fuel is transferred or delivered no later than June 30. That will ensure the gasoline can flow into local retailers ahead of the Fourth of July holiday and that it will be sold at competitive prices. Translation: Biden just drained the Northeast strategic gasoline reserve to push gas lower by a few cents on July 4.​

​

For context, gas prices at the pump this Memorial Day will be the second most expensive in a decade – dramatically above the ten-year average of $2.91…​

​

...​

Dementia Joe Drains the Entire Northeast Gasoline Reserve in Desperate Bid to Lower Gas Prices as He Trails Trump by Double Digits - 🔔 The Liberty Daily

If you love the news, check out The Liberty Daily's homepage. (ZeroHedge)—Back in March, when reading the mammoth, 1050-page bill that was meant to avert government shutdown, but was yet another pork filled free-for-all bonanza authorizing $1.7 trillion in in discretionary spending, we stumbled...

thelibertydaily.com

How else can the Marxists/Demofascists "FORCE" people away from ICE cars? Just like with the thought that if you make bullets very expensive, people would stop buying guns, if there is no gasoline at the pump, then the EV would be the only choice women would have to drive. So much for "CHOICE".

 

[Independent thinker]

No wonder, in spite of cancer at his age, that Jimmy Carter is still alive.

He is basking in the cold glow that Biden gives off, no doubt while wearing one of his famous cardigans, as the worst President in Post Civil War history.

​

Back in March, when reading the mammoth, 1050-page bill that was meant to avert government shutdown, but was yet another pork filled free-for-all bonanza authorizing $1.7 trillion in in discretionary spending, we stumbled upon something that was truly shocking: after Biden singlehandedly drained half of the US strategic petroleum reserve to avoid obliteration for Democrats in the 2022 midterm elections, Congress has snuck in a provision that would sell off and shutter the Northeast Gasoline Supply Reserve, a move that while perhaps keeps gas prices lower for a day or two, would also leave the entire continental northeast defenseless to any true environmental catastrophe or shock. We were so shocked by the inclusion of this particular text, we wondered if it hadn’t been put there solely for the benefit of America’s enemies…​

​

​

​

… because surely nobody in their right mind, not even the illegitimate senile occupant of the White House, would ever pursue such short-term gains at the expense of potentially disastrous long-term consequences to the entire nation.​

​

​

We were wrong: earlier today, just two months after the bill was signed by Biden into law, the panicking administration announced that it would sell the nearly 1 million barrels of gasoline in the US managed stockpile in northeastern states, the Department of Energy said, effectively closing the reserve.​

​

​

The department created the Northeast Gasoline Supply Reserve (NGSR) in 2014 after Superstorm Sandy left motorists scrambling for fuel. But, according to some megabrains hoping to justify the dumping of gas so its price drops for a few weeks ahead of the summer and avoid even more anger aimed at the president, storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed by President Joe Biden in March.​

​

​

Bids to buy the gasoline located at the two NGSR storage sites in Port Reading, NJ (900,000 bbl) and South Portland, ME (98,824 bbl), are due on May 28 and the Treasury Department’s general funds gets proceeds from the sale. Incidentally, the proceeds from the reserve liquidation – which will amount to roughly $125 million gross (and far less net) – is roughly how much the government spends every 15 minutes!​

​

​

So is it better to have a gasoline reserve for unexpected events, or to fund a quarter hour of US government’s spending? Don’t answer that. Of course, the answer is neither – the whole point of selling the gasoline is to depress prices at the pump if only for a few days to help Americans forget about the great inflationary nightmare they have been in for the past 3 years.​

​

The volumes will be allocated in quantities of 100,000 barrels with each barrel containing 42 gallons, the department said and said it would require that fuel is transferred or delivered no later than June 30. That will ensure the gasoline can flow into local retailers ahead of the Fourth of July holiday and that it will be sold at competitive prices. Translation: Biden just drained the Northeast strategic gasoline reserve to push gas lower by a few cents on July 4.​

​

For context, gas prices at the pump this Memorial Day will be the second most expensive in a decade – dramatically above the ten-year average of $2.91…​

​

...​

Dementia Joe Drains the Entire Northeast Gasoline Reserve in Desperate Bid to Lower Gas Prices as He Trails Trump by Double Digits - 🔔 The Liberty Daily

If you love the news, check out The Liberty Daily's homepage. (ZeroHedge)—Back in March, when reading the mammoth, 1050-page bill that was meant to avert government shutdown, but was yet another pork filled free-for-all bonanza authorizing $1.7 trillion in in discretionary spending, we stumbled...

thelibertydaily.com

It's actually an admission by Biden that he's behind and needs to buy more votes. But, everything's going just fine!

 

[Blaster]

Biden is the most incompetent President in United States history.

 

[marvin martian]

Where's rightwinger, Mac1958, and Zincwarrior to tell us how super-duper great it is that Biden has drained our gas reserves, and that Trump would have totally been, like, way worse??

lol

 

[rightwinger]

Where's rightwinger, Mac1958, and Zincwarrior to tell us how super-duper great it is that Biden has drained our gas reserves, and that Trump would have totally been, like, way worse??

lol

Who gives a Fuk?

When was the last time we needed gas reserves?
WWII?

 

[martybegan]

Who gives a Fuk?

When was the last time we needed gas reserves?
WWII?

Do you forget the gas line after Sandy?

And that was well after power had been restored to the local stations.

 

[Batcat]

Biden is the most incompetent President in United States history.

I would call that an understatement.

 

[marvin martian]

Do you forget the gas line after Sandy?

And that was well after power had been restored to the local stations.

He didn't forget about it, he was never aware of it in the first place. The DemoKKKrats need stupid, incurious, gullible people like rightwinger. He's their most valuable asset.

 

[rightwinger]

Do you forget the gas line after Sandy?

And that was well after power had been restored to the local stations.

I remember they never used the Emergency Brosdcast System or tapped Oil Reserves
Gas lines were because stations lacked power or people were panicked

 

[Lisa558]

Aren’t the reserves supposed to be for a real emergency - not a way to lower the price before an election?

But what do I know.

 

[Lisa558]

Even if it dropped a buck, I wouldn't vote for the old fool.

If they told me gas would be free for the entire month of July, I STILL wouldn’t vote for him.

 

[Nostra]

These reserves were not created so a President can try to buy votes with them. What a transparent, pathetic display by Biden.

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.

apnews.com