NEW YORK (WCBS 880) — Senate Majority Leader Charles Schumer on Sunday called on the Biden administration to tap into the nation’s petroleum reserve to cut sky-high gas prices.
Schumer said drivers need immediate relief from rising gas prices, caused in part by the coronavirus’ impact on global supply chains. He said cracking into the nation’s Strategic Petroleum Reserve (SPR) can cut down on prices at the pump.
“I’m here today to urge the administration to approve fuel sals from the nation’s Strategic Petroleum Reserve to get those prices down,” Schumer said during a news conference outside a Manhattan gas station.
The New York Democrat said the George W. Bush administration had previously used the reserves to reduce gas prices.
The nationwide average price for a gallon of regular unleaded gas was $3.42 last week, up from $2.12 at the same time last year, according to Schumer’s office. Meanwhile, the nation is sitting on 600 million barrels of petroleum, Schumer said.
“The pandemic was at an apex. Demand was minimal and so production was as well,” Schumer added. “But today our economy is reawakening from covid and supply and demand can’t keep up with the global desire to return to normal ASAP.”
The White House did not immediately respond to a request for comment.
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