President Biden announces plan to tamp down high gas prices in the U.S.

DORAL, FL – High gas prices in the U.S. have been affecting Americans finances progressively. About this, President Biden spoke from the White House on Tuesday noting that the country has experienced expensive gas prices surpassing $3 per gallon as recently as 2012, 2014 and 2019.

Just for this holiday season, the American Automobile Association said at the beginning of the week that Floridians taking Thanksgiving road trips will find the most expensive gas prices over the holiday since 2013.

The average price for a gallon of regular unleaded gasoline in the state increased 10 cents in the middle of last week to $3.36, which is considered the highest price at any point since September 2014.

According to AAA, this Thanksgiving the average fill-up will cost $50 for a 15-gallon tank, which is $13 more than what Thanksgiving drivers paid before the COVID-19 pandemic in 2019.

In the midst of this scenario, the federal government will release crude oil from the Strategic Petroleum Reserve (SPR) in coordination with other countries such as China, India, Japan, South Korea and the United Kingdom, considered to be major energy-consuming countries, that reached an agreement with the U.S. after weeks of talks.

The main goal of this action, as expressed by the President, is to reduce high gas prices in the U.S. ahead of the busy holiday season.

According to the White House, the Department of Energy will release 50 million barrels of oil from the SPR, of which 32 million will be an exchange of oil that will be returned in the years ahead. It was also revealed, 18 million will be the acceleration of a sale of oil previously authorized by Congress.

“This coordinated action will help us deal with the lack of supply, which in turn helps ease prices,” the president said. “The bottom line: today we’re launching a major effort to moderate the price of oil, an effort that will span the globe in its reach and ultimately reach your corner gas station.”

It won’t happen overnight, said the President, although “it will make a difference”. “Before long you should see the price of gas drop where you fill up your tank, and in the longer term, we will reduce our reliance on oil as we shift to clean energy.”

In Florida, the West Palm Beach-Boca Raton metro area was the most expensive one for gasoline at the beginning of this week ($3.49), according to AAA data. Monroe County is paying $3.47, Broward is paying $3.39, and Miami-Dade’s average price is $3.35.

 

Photo by: Unsplash.com

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