The Price of Gas Should Drop Soon as Biden Taps Into Reserves
ABC News announced this morning that President Joe Biden will announce in a press conference today from the White House that the United States will release 50 million barrels of oil from the reserve. The release will help drop the current prices on fuel across the nation.
The release should almost immediately begin to drop the prices across the nation, with the prices dropping even more over the next two weeks at gas stations, according to ABC News. As the nation exits the pandemic, the demand for oil and gas has increased rapidly throughout the year. With oil in such high demand, the supply has not been able to keep up as it did before just a year ago.
As the reserves are tapped for their 50 million barrels, they will be replaced over time back to the Strategic Petroleum Reserve over the coming years as experts believe the demand for oil will lessen over the coming years. The immediate drop in prices should help the gas prices as Americans get ready for the holiday season, and winter.
According to AAA, gas prices in Calcasieu parish alone are averaging $3.15 a gallon for regular gasoline while the state of Louisiana's average is $3.12. Texas is not too far off with the state averaging a touch over $3.00. In comparison, states to the West such as California are up over $4.70 a gallon.
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