The Corner

Energy & Environment

So Much for That ‘Immediate’ Relief on Gasoline Prices

Gas prices at an Exxon gas station in Brooklyn, N.Y., November 23, 2021. (Andrew Kelly/Reuters)

On November 24, one day after President Biden announced the release of 50 million barrels of oil from the Strategic Petroleum Reserve, the national average price for a gallon of regular gasoline was $3.39.

Biden characterized the the release from the reserve  as “a tool matched to today’s specific economic environment, where markets expect future oil prices to be lower than they are today, and helps provide relief to Americans immediately and bridge to that period of expected lower oil prices.”

It has been almost two weeks, and as of this morning, the national average for a gallon of regular gasoline is $3.358 – a decline of a bit more than three cents.

Someone call up the DCCC, so they can make another chart!

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