MADISON, Wis. – 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 has decreased by an average of about 70 cents from the most recent peak, saving many families with two cars approximately $75 a month.
The president’s efforts stand in stark contrast with Wisconsin Republicans who have repeatedly voted against measures that would help lower gas prices and combat inflation. Over the past several months, Wisconsin Republicans in Congress voted against the Lower Food & Fuel Costs Act and against a bill that would help prevent oil and gas companies from price gouging.
“While President Biden and Democrats take action to lower gas prices, Wisconsin Republicans continue to exploit Wisconsin families and then oppose legislation that would cut costs at the pump. Voters across our state deserve to know that Wisconsin Republicans are all talk and no action,” said Democratic Party of Wisconsin Rapid Response Director Julia Hamelburg.
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;