A new analysis from the Department of Treasury showed that gas prices across the country have been declining thanks in part to President Biden’s actions. Specifically, the report’s analysis suggests “that President Biden’s historic Strategic Petroleum Reserve release, in coordination with International Energy Administration partners, lowered the price of gasoline by 17 cents to 42 cents per gallon, with an alternate approach suggesting a point estimate of 38 cents per gallon.” As of July 26, gas prices have been declining for 6 straight weeks and the cost of gas across the country has decreased by an average of about 70 cents from the most recent peak, saving many families with two cars approximately $75 a month. In Michigan, gas has decreased by 65 cents in the last month!
The president’s efforts stand in stark contrast with Michigan Republicans who have repeatedly voted against measures that would help lower gas prices and help combat inflation. In just the past few months, Michigan Republicans in the U.S. House of Representatives voted against the Lower Food & Fuel Costs Act and against a bill that would help prevent oil and gas companies from price gouging.
“This analysis shows how President Biden and Michigan Democrats’ steps to pass legislation that lowers costs at the pump is working—and Michiganders are saving money because of it—no thanks to every single Michigan Republican in Congress who have blocked Democrats’ legislation to cut costs at every turn,” said Michigan Democratic Party Spokesperson Alyssa Bradley.
President Biden and the Department of Energy also announced the sale of an additional 20 million barrels of oil from the Strategic Petroleum Reserve to continue helping lower gas costs, building on his previous actions, which include:
- Releasing a million barrels of oil from the Strategic Petroleum Reserve each day for six months, a historic amount and;
- Directing the FTC to crack down on oil companies taking advantage of consumers through practices like price gouging;
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