US President Joe Biden's decision to close the Northeast Gasoline Supply Reserve could lead to cheaper fuel. This is what GOP presidential candidate Donald Trump believes.
Joe Biden To Close Northeast Gasoline Reserve
According to Reuters' latest report, the Department of Energy announced on Tuesday, May 21, that the Biden Administration will soon close the Northeast Gasoline Supply Reserve.
This means that almost 1 million barrels of gasoline will be released in the United States. The closure became possible because it was included in the US funding legislation that the American leader signed in March.
In 2014, the Northeast Gasoline Supply Reserve was established after Superstorm Sandy forced motorists to scramble for gasoline. However, officials discovered that refined fuel is more expensive than crude oil.
Because of this, Joe Biden decided to include the closure of the Northeast Gasoline Supply Reserve in his initiatives.
"By strategically releasing this reserve in between Memorial Day and July 4, we are ensuring sufficient supply flows to the tri-state [region] and northeast at a time when hardworking Americans need it the most," said Energy Secretary Jennifer Granholm via CNBC.
Northeast Gasoline Reserve Closure Would Make Fuel Cheaper
Former US President Donald Trump stated that closing the gasoline reserve would drastically decrease retail gasoline prices. This is because there would be more fuel supplies once millions of barrels are sold.
Donald Trump said that Joe Biden is trying to stop the high gasoline prices. But, he clarified that this is because expensive fuel would not be good for the American leader's image, especially since the US presidential election is just around the corner.
The ex-POTUS further stated that Biden sells only gasoline barrels because he can't "drill properly."
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