![]() The price for a gallon of gas is down significantly from the year-ago average of $4.316 and well off the highest average ever recorded of $5.016 in June 2022. The average price at the pump currently sits at $3.466, according to data from the American Automobile Association. Not with global banking contagion fears spreading," he added. ![]() "OPEC won't let oil sit in this price for long. However, Sullivan noted that oil prices would likely need to remain suppressed for a while for Biden to step in and make "significant purchases." ![]() government already purchased about 2 million barrels for the SPR near the end of 2022, according to CNBC's Brian Sullivan. With prices in freefall, it's possible that Biden will buy more oil to stockpile American reserves in an effort to mitigate future prices at the pump if something sparks a reversal in oil prices, and we trend back toward the extremely high prices we saw last year. Why It Matters: Benzinga previously reported that President Joe Biden released a historic 180 million barrels of crude oil from the strategic petroleum reserves from March to November 2022 while oil prices were elevated.Īs OPEC+ cut supply and prices rose, the Biden administration tapped reserves to help Americans avoid paying high prices, and it's looking like the timing was spot on.
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