Biden oil reserve release was 'single handedly responsible' for halting increase in gas prices, advi

[Yo_Mama_Been_Loggin]

advisor says

Biden administration officials are taking solace in recent declines in gasoline prices, which have fallen by an average of 21 cents per gallon over the past month, according to GasBuddy.

Brian Deese, President Biden’s National Economic Council director, said Thursday that while gas prices remain “unacceptably high” U.S. consumers are “seeing some moderation and that moderation is important.”

“The release of oil from the Strategic Petroleum Reserve sounds esoteric to people [but] oil market analysts…will say it was single-handedly responsible for keeping oil prices from going higher,” Desse added in an interview with Bloomberg News.

The Biden advisor also noted the president has been working with oil refiners “to try to keep refinery capacity online” and has pushed for a temporary gas-tax holiday that could further produce savings for consumers at the gas pump.

https://www.msn.com/en-us/money/markets/biden-oil-reserve-release-was-single-handedly-responsible-for-halting-increase-in-gas-prices-advisor-says/ar-AAZjQZl

[WarGamer]

1. And Reuters reports that much of that oil was shipped overseas...

I only trust independent sources for things like this...

https://www.reuters.com/business/energy/oil-us-reserves-head-overseas-gasoline-prices-stay-high-2022-07-05/

HOUSTON, July 5 (Reuters) - More than 5 million barrels of oil that were part of a historic U.S. emergency reserves release to lower domestic fuel prices were exported to Europe and Asia last month, according to data and sources, even as U.S. gasoline and diesel prices hit record highs.

The export of crude and fuel is blunting the impact of the moves by U.S. President Joe Biden to lower record pump prices. Biden on Saturday renewed a call for gasoline suppliers to cut their prices, drawing criticism from Amazon founder Jeff Bezos. read more

[Lovie777]

2. The prices are slowly going down tho.....