Strategic Petroleum Reserve Release Helps Make a Dent in Gas Prices
On April 4, the national average for a gallon of gas was $4.18, which was 6 cents less than a week ago, 35 cents more than a month ago and $1.31 more than a year ago, according to the association.
According to AAA, the top 10 states with the largest weekly decreases are Connecticut (27 cents), Michigan (10 cents), Wisconsin (9 cents), Indiana (9 cents), Georgia (8 cents), Ohio (8 cents), North Carolina (8 cents), South Carolina (8 cents), Texas (7 cents) and Rhode Island (7 cents).
The top 10 least expensive markets are Missouri ($3.73), Oklahoma ($3.75), Kansas ($3.75), Arkansas ($3.77), Maryland ($3.79), Texas ($3.80), Nebraska ($3.83), South Carolina ($3.85), Iowa ($3.85) and Wisconsin ($3.86).
Biden's Two-Step Plan
This is not the first time Biden has turned to the Strategic Petroleum Reserve. In late 2021, the administration announced it would release 50 million barrels of oil from the Strategic Petroleum Reserve to lower prices for Americans and address the disconnect between demand exiting the COVID-19 pandemic and supply.
However, the president is going one step further this time. In addition to tapping into the SPR, the administration's plan also calls for a boost in domestic oil production — which is expected to increase by 1 million barrels per day this year and nearly 700,000 barrels per day next year.
However, Biden said some companies are not doing enough, and he called on Congress to make companies pay fees on wells from their leases that they haven't used in years and on acres of public lands that they are sitting on without producing.