Gasoline Prices Fall 13 Cents as Biden Releases Millions of Barrels of Oil According to AAA, the drop in US average gasoline prices coincided with President Biden’s decision to inject one million barrels of oil per day into the market.
By Main Street Sentinel Staff
President Joe Biden’s recent strategy to lower gasoline prices is delivering relief to American consumers.
According to the American Automobile Association (AAA), the US average gasoline price has fallen by 13 cents – from $4.24 to $4.11 – over two weeks. The drop coincided with President Biden’s decision to release one million barrels of oil a day from the US Strategic Petroleum Reserve for six months as part of an effort to alleviate pain at the pump.
Experts say that President Biden’s oil release is the largest such move in US history.
The price of crude oil, the main component of gasoline, has been surging since the beginning of Russia’s war in Ukraine. As the war has dragged on, polling has shown that most Americans identify Russian President Vladimir Putin’s actions, as well as subsequent price-gouging by oil companies, as the primary causes of rising gasoline prices.