Long Island would be in trouble if it were hit by a tropical storm, especially if the gasoline supply became a problem, seeing how President Biden sold off 42 million gallons from the Northeast Gasoline Supply Reserve. With current New York prices averaging $3.63 per gallon, his $2.34 per gallon deal was seen as a giveaway to the oil companies.
The Biden administration admitted that flooding the market was a ploy to lower prices at the pump for the July 4 holiday, a move similar to his draining of the Strategic Petroleum Reserve to lower fuel prices. The president’s sale had little impact as the average gas price remained at inflationary rates caused by his failed economic policies and war on fossil fuels.
The oil company British Petroleum (BP) received 21 million gallons from the reserve, while four other companies divided up the rest at a cost far less than what motorists are paying at the pump. With New York gas prices currently at $3.63. the fire sale left consumers fuming about getting the short end of the deal.
“The Biden-Harris Administration continues to take strategic action to lower prices for American consumers in every aspect of their lives— especially as summer driving season ramps up,” boasted Energy Secretary Jennifer Granholm, whose department brokered the deal. “By releasing this reserve ahead of July 4th, we are ensuring sufficient supply flows to the northeast at a time hardworking Americans need it the most.”
The gasoline reserve was created in the wake of Superstorm Sandy, which paralyzed Long Island and the New York Metropolitan Area. Gas was in short supply as long lines formed at stations and rationing went into effect. Areas that lost power, including fuel distribution hubs, were the hardest hit.
Biden’s sale was authorized in the monstrous $1.2 trillion spending package he pushed through Congress in March. The same legislation calls for the complete shutdown of the reserve, which is almost at a zero level. Administration officials have long complained about the costs of maintaining the stockpile and see fossil fuel-powered vehicles as detriments to their Green New Energy Deal.
The gasoline reserve was completed in 2014, two years after Sandy. “The Northeast region of the U.S. is particularly vulnerable to gasoline disruptions due to hurricanes and other natural events,” the Obama administration said at the time. “Hurricane Sandy caused widespread issues related to the availability of gasoline. In response to help build a more secure and resilient energy infrastructure, the Energy Department established the first federal regional refined petroleum product reserve containing gasoline.”
Two storage facilities were created: one in New York Harbor and the other in South Portland, ME. The New York reserve held the lion’s share of the fuel at 90%. Biden was roundly criticized when it was revealed that a large percentage of the 266 million barrels of oil he let go from the Strategic Petroleum Reserve went to China. That reserve is meant to back up the nation during a time of war.
Biden’s November challenger, former President Donald Trump, accused him of selling the emergency supply in a bid to lower prices at the pump just before the election. “Prices are higher than they've been in a long time, they're very high, and so he's trying to stop that because high gasoline prices are not good for elections,” Trump said.
Members of Congress also weighed in: "Under the Biden administration, the SPR has been abused for political purposes to try and bring down record-high gasoline prices," charged Rep. Cathy McMorris Rodgers (R–Wash.) and Sen. John Barrasso (R–Wyo.) in a letter to Secretary Granholm in May. "We urge you, in the strongest terms, to put this country's energy security first and stop abusing the SPR for political purposes."
“Joe Biden will have hell to pay if we get hit by a hurricane and there’s nothing in the reserve,” said motorist Des Glock of Centereach. “He plays politics with everything, and this move really gets under my skin.”