Biden Plans To Tap Into Strategic Oil Reserve To Get The Price Of Gasoline Down: Gas Price Watch

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Illustration: Angelica Alzona (Shutterstock)

Good morning and happy Thirsty Thursday. We have big news in the world of gas, which is ironic because the news about prices is pretty much the same. Prices are ever so slightly trending in the right direction – with the average price of a gallon of regular dipping down another cent from yesterday.

It now stands at $4.23 a gallon. It’s not great, but it’s certainly better than the alternative. That being said, downward movement in prices isn’t happening quite fast enough for the Biden Administration. They’re looking to make a big move to help alleviate some of the pain at the pump we’re all feeling.

In fact, according to CBS News, the President is about to order the release of up to 1 million barrels of oil per day from the U.S.’s strategic oil reserve.

The announcement could come as soon as Thursday, when the White House says Mr. Biden is planning to deliver remarks on his administration’s plans to combat rising gas prices. The duration of the release hasn’t been finalized but could last for several months. The people spoke on the condition of anonymity to preview the decision.

High oil prices have not coaxed more production, creating a challenge for the president. He has seen his popularity sink as inflation reached a 40-year high in February and the cost of petroleum and gasoline climbed after Russia invaded Ukraine. Crude oil on Wednesday traded at nearly $105 a barrel, up from about $60 a year ago.

The steady release from the reserves would be a meaningful amount and come near to closing the domestic production gap relative to February 2020, before the coronavirus caused a steep decline in oil output.

The Biden administration in November announced the release of 50 million barrels from the strategic reserve in coordination with other countries. After the Ukrainian war began, the U.S. and 30 other countries agreed to an additional release of 60 million barrels from reserves, with half of the total coming from the U.S.

According to the Department of Energy, which manages it, more than 568 million barrels of oil were held in the reserve as of Mar. 25.

I don’t have to tell you – but this is some seriously welcome news that will hopefully have a real impact on peoples’ wallets.

Image for article titled Biden Plans To Tap Into Strategic Oil Reserve To Get The Price Of Gasoline Down: Gas Price Watch

Graphic: AAA

But before any of that happens, we may as well take a look at today’s gas price winners and losers.

Here is where you can find the highest average gas prices in the country in order of highest price for a gallon regular:

  • California – $5.90 Regular | $6.11 Mid | $6.24 Premium | $6.42 Diesel
  • Nevada – $5.24 Regular | $5.48 Mid | $5.67 Premium | $5.34 Diesel
  • Hawaii – $5.20 Regular | $5.39 Mid | $5.62 Premium | $5.64 Diesel
  • Alaska – $4.74 Regular | $4.92 Mid | $5.10 Premium | $5.21 Diesel
  • Washington – $4.73 Regular | $4.96 Mid | $5.14 Premium | $5.58 Diesel

Here is the lowest average price of gasoline in the country in order of lowest price per gallon of regular:

  • Missouri – $3.77 Regular | $4.04 Mid | $4.32 Premium | $4.74 Diesel
  • Kansas – $3.80 Regular | $4.05 Mid | $4.32 Premium | $4.78 Diesel
  • Oklahoma – $3.80 Regular | $4.10 Mid | $4.32 Premium | $4.76 Diesel
  • Arkansas – $3.81 Regular | $4.14 Mid | $4.42 Premium | $4.83 Diesel
  • Maryland – $3.81 Regular | $4.29 Mid | $4.55 Premium | $4.71 Diesel

See you crazy kids back here tomorrow, and remember – it’s almost Friday.

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