Virginia association calls President Biden’s petroleum release a temporary fix

Published: Nov. 23, 2021 at 10:52 PM EST|Updated: Nov. 23, 2021 at 11:16 PM EST
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RICHMOND, Va. (WWBT) - Tuesday, President Joe Biden offered words of relief for drivers all across America who are being met with soaring gas prices. The president dipped into the nation’s reserve supply to circumvent rising crude oil prices, but drivers shouldn’t expect to see long-term or immediate results.

Nothing pains people more than to pull up to gas pumps and see skyrocketing gas prices. The president’s actions Tuesday are being met with both praise and criticism.

For some, filling up might mean saving up to afford it. Now, just in time for Thanksgiving, drivers are feeling the pinch over something they can’t control.

“For example, in California today, almost $8 a gallon in some areas for premium. That’s really more than the market can ear,” said Michael O’Connor of the Virginia Petroleum and Convenience Marketers Association

Closer to home, it’s not as bad, but it’s higher than drivers have seen in some time.

Last year the price of crude oil was about $40 a barrel. Fast forward to right now, and the cost has doubled to $82 a barrel. As the economy battles rising supply costs, consumers have seen shortages and price increases hitting groceries, clothing, and now, gasoline.

It’s why Biden took action, dipping into the nation’s reserves, ordering a record-setting 50 million barrels of oil to help bring down energy costs.

“Right now, I will do what needs to be done to reduce the price you pay at the pump,” the president said.

“It’s not something that happens every day or every year,” O’Connor suggested. Yet, he says, don’t get too excited about those 50 million barrels. “That’s minimally helpful, but considering that consumption in the country is about 19 million, we’re looking at about three days worth.”

Perhaps temporary relief as America enters the holidays, coping with inflation that’s undoubtedly packing a punch.

Some national lawmakers have claimed the president is just doing this as a political gesture. Others have said the historic action is needed right now. Regardless, it’s important to note the price drops probably won’t happen overnight.

Copyright 2021 WWBT. All rights reserved.

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