With reports estimating that more than 70 million people will drive 50 miles or more this holiday weekend, the White House is working to help lower costs at the pump.
According to AAA’s gas price calculator, the current national average for a gallon of gas is $3.50, with highs of near $5 in some states and lows of $2.96 in others.
This week is expected to see a record-setting amount of travel both on the ground and in the air, with the TSA and AAA reporting record-breaking estimates.
So, as Americans get ready to hit the road, the Department of Energy’s Office of Petroleum Reserves is releasing 42 million gallons of gasoline from a Northeast reserve in the hopes of driving down prices, the DOE shared in a statement.
“Gas prices have come down nearly 20 cents in the last two months, but we know there is more to do. This release will help lower prices at the pump, building on other actions by President Biden, including historic releases from the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy,” National Economic Advisor Lael Brainard wrote Tuesday, The Hill reported.
Secretary of Energy Jennifer Granholm also touched on the efforts in a statement, noting that “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.”
Predictions from AAA show that the number of travelers this year could be 5% higher than last year’s Independence Day and up 8% from 2019.
The release from the Northeast Gasoline Supply Reserve was completed on Monday and was expected to hit the market any time after.