With the election cycle already underway and President Joe Biden having presided over historically high gas prices, he is now facing accusations of politicizing the most recent sale of fuel from our national stockpiles.
The northeastern states’ gasoline stockpile of one million barrels is about to be sold off by the Biden administration.
The Department of Energy announced the sale. It stated that bids for the gasoline would be accepted by the Office of Petroleum Reserves beginning no later than June 30. The sale is legally required, but it will lead to the reserve’s closure, which was established in 2014.
S&P Global reports that the sale is expected to take place sometime this year and that the money would be sent to the U.S. Treasury.
Because refined gasoline spoils more quickly than unrefined oil, the sale was required by law. The government claims selling the reserve will help bring gas prices down as summer approaches. However, Bidenflaton is destroying the economy and removing millions of people from the middle-income bracket as a result of Joe Biden’s catastrophic policies.
Compared to last year at this time, the cost per gallon is higher this year. The current national average price of gasoline is $3.62/gallon. However, the average price of petrol was $3.54 a gallon at this time last year.
Those who oppose Biden’s economics claim that the timing of the sale is coincidental and that he is using it as a political weapon to divert attention away from his terrible economic policies.
Former president Donald Trump was among many who criticized Biden for the sale, explaining that high fuel costs hurt candidates’ chances of being elected. According to Trump, Biden is now selling the reserve because he refuses to drill effectively.
Some in Congress, particularly Republicans, have also accused Biden of trying to buy votes by canceling billions of dollars in government-held student loan debt.
Republican Senator Mike Lee of Utah accused Biden of once again tapping into America’s emergency fuel stockpiles to fund his catastrophic inflationary policies.
Republican senator from Tennessee Marsh Blackburn argued that Joe Biden was trying to cut prices that he had increased. The purpose of this fund is to address genuine crises, not to hide the failures of Biden’s economic policies.
Any effect on prices, according to independent energy expert Tim Evans of Evans on Energy, would be brief.
