Officials estimate fuel releases kept prices 20 to 40 cents lower.
The Department of the Treasury released calculations this past week that estimate tapping into the Strategic Petroleum Reserve (SPR) helped prevent gas prices from spiking higher than they already were. While attributing the disruption in the energy market to the war in Ukraine, President Biden’s administration has opted to release the most petroleum from the reserves in history. The calculation found that gas prices were on average 20 to 40 cents lower than they could have been based on this move.
“Even with gas prices falling, the president knows they’re still too high,” said White House National Economic Council Deputy Director Aviva Aron-Dine. “That’s why the administration continues to work towards a price cap for Russian oil that will keep supply on the market while driving Putin’s revenue down, and continues engaging with industry to expand refining capacity.”
As the Lord Leads, Pray with Us…
- For Deputy Director Aron-Dine as she serves on the White House National Economic Council.
- For wisdom for Secretary Yellen as she advises the president and oversees the Treasury Department.
- For U.S. officials to be discerning about the energy supply and production in the nation.
Sources: The Hill, Reuters
