Kevin Bae

Non-Social in a Socially Networked World

Update: Simple chart shows price of gas during the Biden Administration

I last blogged this information back in March 2022 just before President Biden announced the largest release of oil from the nation’s Strategic Petroleum Reserves. Gas prices over that time has dropped a little under $0.50 and has left the reserves at their lowest level since 1984. Prices still average $1.40 higher than they were since Biden took office.

Economic Research Federal Reserve Bank of St. Louis

Mr. Biden delivered remarks Wednesday announcing the drawdown, a move that completes the release of 180 million barrels authorized by Mr. Biden in March that was initially supposed to occur over six months. That has sent the strategic reserve to its lowest level since 1984 in what the administration called a “bridge” until domestic production could be increased. The reserve now contains roughly 400 million barrels of oil.

Biden announces release of 15 million barrels of oil from Strategic Petroleum Reserve – CBS News

That’s anywhere from $15.00 to $25.00 extra each and every time you fill your tank. Multiply that over 52 weeks and it starts to become real money. About $780.00 on the low end to $1,300 on the high end. This is just for regular unleaded and not premium.