President Joe Biden’s record-level sales of oil from the U.S. Strategic Petroleum Reserve (SPR), intended to lower consumer gasoline prices, so far have had the opposite effect.
That’s according to a Houston Daily analysis of SPR sales and gasoline prices.
Since January, Biden has sold 177 million barrels of oil, intending to create more gasoline supply. But prices have actually risen by $0.50 per gallon over the period.
The average gas price in Jan. 2022 was $3.28 per gallon. At the end of Sept. 2022 it was $3.78 per gallon.
