Reaction to the release of oil reserves, will it lower gas prices?

SAVANNAH, Ga. (WSAV) – The average U.S. gasoline price Tuesday was $ 3.40 per gallon. And President Joe Biden has announced that he will release up to 50 million barrels of oil from the United States Strategic Oil Reserve.

“It will take time, but before long you should see the price of gasoline drop where you fill your tank,” Biden said.

It has also convinced a number of other countries to release reserves to increase global supply.

“This coordinated action will help us deal with the lack of supply which, in turn, contributes to lower prices,” said the president.

Montrae Waiters of AAA The Auto Club Group said gas prices in Georgia are currently $ 3.23 and $ 3.30 in Savannah.

Over a million Georgians are expected to travel during the long Thanksgiving holiday, according to waiters, and many are worried about the price of gasoline. Waiters say it was $ 1.95 around the same time last year, but that price was artificially low because far fewer people were traveling due to the pandemic.

Now that many people are traveling again, she says many motorists are concerned about the prices. She also told us that crude oil prices (which are half the overall price of gas) have declined slightly in recent days.

“But certainly in the last week, yes, crude oil has started to go down, so we’re hoping that will definitely impact gas prices as soon as possible,” she said.

President Biden said an increase in reserve supply should help consumers. Georgia Congressman Buddy Carter, a Republican who represents District 1, disagrees.

“But now it’s going to pull 50 million barrels of strategic oil supply, which equates to about three days of crude oil,” Carter said. “It is nothing more than a band-aid on a crisis that Joe Biden and his administration have created.”

Carter blames Biden’s policies for inflation, although many economists say it’s more the result of the pandemic and supply chain issues.

“No, inflation is caused by politics and the politics of this administration is what is causing the problem,” Carter said.

Carter also blamed what he called Biden’s “war on fossil fuels” for gas price shortages and said in his first election that Biden had refused to continue the Keystone XL pipeline as well as drilling. on federal lands.

President Joe Biden said on Wednesday he wanted “to tackle the myth of gas price inflation and said it is not due to environmental measures.”

President Biden said a lack of supply has resulted in a shortage and high prices around the world. He said gasoline in Paris was recently about the equivalent of $ 7 a gallon. He continued to say the supply reserves should help.

“But for now, I’m going to do what needs to be done to lower the price you pay at the pump,” Biden said.

Biden also said he is asking the Federal Trade Commission to look into why prices at the pump haven’t fallen recently as crude oil prices have fallen.

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