Gas prices are set to rise after the November 2022 midterm elections, coinciding with the end of President Joe Biden’s raid on the Strategic Petroleum Reserve (SPR).
During a Sept. 12 speech, Biden touted how his administration is making progress on handling inflation even as Americans continue to cope with rising food and gas prices. “The price of gas, when we said what I was doing wouldn’t make any difference? Well, guess what, it’s down $1.30 since the start of the summer,” he said while at the Boston Logan International Airport.
According to data from the American Automobile Association, the national average gas price is down considerably from June’s high of $5.02, to $3.72 as of Sept. 12. Meanwhile, a Sept. 9 Bank of America research note discovered that the national average price of unleaded retail gasoline “has fallen every single day since June 13.” It noted that consumers “should experience a solid tailwind for at least another month.”
Bank of America also said in its report that there has been a roundabout benefit of reduced gas prices such as improved consumer assurance, which is definitely what the Biden administration needs before the midterm elections.
However, the national average price of gas is still beyond $1 higher than it was when Biden became president and began his intense war on energy independence.
Biden’s speech came a day after Treasury Secretary Janet Yellen sounded the alarm over a potential price hike. She warned that gas prices are expected to surge this coming winter, with the European Union stopping most oil purchases from Russia and prohibiting it from shipping oil by tanker.
The secretary also pointed out that a price cap by the West, in line with a separate cap and prohibition of imports by the EU, could help keep gas prices lower.
“Our price cap proposal is designed to both lower Russian revenues that they use to support their economy and fight this illegal war, while also maintaining Russian oil supplies that will help to hold down global oil prices. So, I believe this is something that can be essential, and it’s something that we’re trying to put in place to avoid a future spike in oil prices,” she said. (Related: Biden threatens oil firms: Do something about rising gas prices or face consequences.)
Biden’s raid on SPR set to end in October
While Yellen used the Russia-Ukraine conflict as a reason for increasing gas prices, there is a much more immediate reason for the gas price hikes: The end of Biden’s huge raid on the SPR.
The president has pumped the SPR to perilous levels to grant a temporary break from the $5-plus per-gallon gas prices his domestic policies set off early this year. Industry experts raised red flags over the repercussions of this move, warning that higher gas prices will greet Americans after the November 2022 midterms.
“Next month, the draw on the SPR comes to an end,” said an energy economist. “Shocking how many people can’t comprehend the basic math.”
Back in November 2021, Sen. Roger Wicker (R-MS) remarked that Biden was “putting a Band-Aid on a wound he created.” The lawmaker continued: “President Biden is tapping our SPR rather than ending his war on American energy.”
Based on a report by the Institute of Energy Research, the SPR is anticipated to reduce to a 40-year low, with inventories estimated at 358 million barrels when the release is set to end by the end of October. The SPR was at 621 million barrels last year.
Biden has no intention to admit the suffering that will be felt by the American people when that Band-Aid is taken off, choosing instead to give political sayings that everything is okay and improving.
“The American people should have confidence that we’re on the right track, that we’re seeing real progress,” Biden stated.
In reality, there is no such progress – as the Biden administration and the Democratic Party are actually manipulating consumers and voters with false lower gas prices that they understand will surge after the midterm elections.
Follow FuelSupply.news for more news about America’s gas prices and oil reserve supplies.
Watch the video below to know why gas prices falling is nothing to celebrate according to a Republican strategist.
This video is from the NewsClips channel on Brighteon.com.
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