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Biden Must Tap the Oil Reserve to Lower the Gasoline Price

Senate Majority Leader Charles Schumer (D-N.Y) urged the Biden administration on Sunday to make use of emergency petroleum Reserve in an effort to lower gas prices ahead of the holiday season.

Schumer said that they are here today because we need immediate relief at the gas pump and the place to look is the Strategic Petroleum Reserve. The fuel gasoline is the worst of all,” Schumer said of the ongoing supply chain disruptions. Let’s get the price of gas down right now. And this will do it.

But analysts have said that making use of the Reserve would provide only a short-term solution and wouldn’t increase the country’s production capabilities. While Biden has not committed to tapping the U.S. Strategic Petroleum Reserve, which is located in caverns on the coasts of Texas and Louisiana, Energy Secretary Jennifer Granholm has said he’s considering it.Granholm said last weekend on CNN said that’s one of the tools that he has, and he’s certainly looking at that.

Granholm also said that she was hopeful gas prices would not reach an average of $4 per gallon soon, noting that the Organization of the Petroleum Exporting Countries was “controlling the agenda.”Last week, average gas prices in the U.S. fell to $3.41 per gallon, down one cent from the previous week but up more than $1 from the same time last year.

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