President Joe Biden has raided the Strategic Petroleum Reserve three times, but the actions have had minimal impact on oil and gasoline prices, data showed.
Oil and gasoline prices increased after each of President Joe Biden's three Strategic Petroleum Reserve releases which were designed to curb consumer costs.
On Tuesday, the average price of gasoline reached an all-time high of $4.59 per gallon, according to AAA data, while domestic oil prices remained above $110 a barrel, far higher than their 2015-2021 average of $53.15 per barrel and 2021 average of $68.14 a barrel, Federal Reserve data showed.
The U.S. agreed to release 30 million barrels of oil as part of the 60-million-barrel global release in an effort to "Protect American businesses and consumers, including from rising prices at the pump," former White House press secretary Jen Psaki said.
"These steps will help blunt gas prices here at home," Biden said during his State of the Union address that evening.
Oil prices remained near that level through April and early May before increasing again and hitting $114.20 per barrel on May 16.
Gasoline prices followed a similar trajectory as oil prices, declining through April before skyrocketing in mid May and hitting multiple all-time highs.
https://dailycaller.com/2022/05/29/joe-biden-strategic-petroleum-reserve-oil-gasoline/
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