The Shocking Truth Behind Rising Gas Prices

Frustrated at the gas pump? You’re not the only one. There is a new update on the SPR or Strategic Oil Preserve, this s used for war or emergencies, the Biden administration cancels their purchase for Strategic Petroleum Reserve, citing high prices. The Department of Energy said it has canceled its plans to purchase millions of barrels of oil to refill the depleted U.S. Strategic Petroleum Reserve, as oil prices rise to a five-month high.

In canceling the SPR purchase, the Energy Department said it was “keeping the taxpayer’s interest at the forefront” of its buyback plan, which is to refill the depleted reserves so long as prices remain below $79 per barrel. As of today we have only 17 days of emergency fuel.

In October, it announced a buyback plan targeting oil prices of between $67 to $72 per barrel to replenish the SPR, which it later raised to $79. In its most recent refill, last month, the department exceeded those prices— spending an average of $81 per barrel to replenish the reserves.

Some analysts see oil heading much higher over the summer. JP Morgan said it now expects Brent prices to rise to $90 per barrel by May and $100 per barrel by September.

There is more to this story and it impacts the cost of gasoline at the pump. Let’s look deeper into the US Petroleum Reserve requirements and regulations. On page 441 of the 1050 page "Government emergency funding bill" it says that the US must sell the US petroleum reserve, and close it forever in the "NorthEast". This is very concerning in case of an emergency.

The bill makes it understood that the current administration knows electric vehicles will never compete with gasoline with consumers, buyers should be able to buy whatever works for them. The bill is a sabotage to our oil and gasoline supplies. Let me prove it to you.

SEC. 308. Notwithstanding sections 161 and 167 of the Energy Policy and Conservation Act (42 U.S.C.6241, 6247), the Secretary of Energy shall draw down and sell one million barrels of refined petroleum product from the Strategic Petroleum Reserve during fiscal year 2024. All proceeds from such sale shall be deposited into the general fund of the Treasury during fiscal year 2024. Upon the completion of such sale, the Secretary shall carry out the closure of the Northeast Gasoline Supply Reserve.

SEC. 309. None of the funds made available by this Act may be used to draw down and sell petroleum products from the Strategic Petroleum Reserve (1) to any entity that is under the ownership, control, or influence of the Chinese Communist Party; or (2) except on condition that such petroleum products will not be exported to the People’s Republic of China.

Bets by energy investors on Wall Street suggest that the price gains have room to run. The cost of gasoline shipments into New York Harbor next month has jumped 31% since the beginning of the year. That is faster than the average increase of 20% during the same period over the past quarter-century.

Gas prices typically rise in the spring, reaching a peak in the summer when the demand is high and gasoline formulations are more expensive, per the U.S. Energy Information Administration. You’ll be charged even more to fill your tank when summer blend gasoline hits the pumps. This type of gasoline is formulated to prevent excessive evaporation when temperatures warm.

Check out our Car Smarts channel for smart ways to see money at the pump.

0:00 Truth Behind Rising Gas Prices
1:28 gas price regulations
2:23 Energy policy

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[opencarry]

Even if gasoline is $10 A gallon, I refuse to buy an EV or Hybrid.

[billsElitetrucking]

Gas price are very high in California because ... Newsom's on the loose

[WagonMaster]

July 2019 in SLC Ut regular unleaded gasoline was 1.19 a gallon.
First day of the installed POTUS gas rose to 1.89 per gallon. Now we are 4.01 for reg gas. Installed Presidents have consequences. FJB

[jmyers]

This Democrat party inflation economy Sucks. Never-ending traitors FBJ

[RichSmithify]

If the summer blend is less polluting then why aren't we using it year round? I smell politics at work here.

[DK-wprk]

We've got money for wars though...

[cmasters]

If you voted for Biden you shouldn't be surprised at all. He told you he was going to shut down oil in his debate with Trump. Im hoping for $150 to $200 a barrel. Why because after Joey promised to shut down oil in this country and then was installed as president, Yes I bought as much oil stock as I could.

[TankCop]

More reason to put my Joe Biden stickers on the pumps. Nothing makes people think harder about their votes then seeing their money leave them.

[joshsuperduty]

Keep telling the Truth Lauren, you the BEST car lady ever n the best

[jonathana]

It's cheaper to have no car payment than to buy a more fuel efficient new car that comes with at least a $500 per month payment.

[joshuaschmidinger]

It's like you said Lauren, the consumer should have the right to choose, not be forced or punished when you don't go along with an agenda. If only they cared about the environment but in 10 years when those car sized batteries(ex. Ford lightning etc.)go out and they start going in the land fill they are gonna have alot of explaining to do. By that time of course they will have taken the money and ran smh. Also military equip. Tractor trailers that supply the country and airplanes etc. Can't be electric cuz they don't generate enough power for long hauls or reliability. EMP and one? Appreciate your info and yes it is alarming that they are trying to sabotage reserves to create demand, I thought that was illegal yet they say he's NOT a criminal haha. Everything goes up except your paycheck 😔

[snowrocket]

Back in the summer of 1979 there was a gas shortage. Much of the USA used the "odd-even" system so people wouldn't "tank top" whenever they saw gas was available. You could only buy gas on odd numbered days if your license plate ended in an odd number (1, 3, 5, 7, 9), even days if it ended in an even number (0, 2, 4, 6, 8). This kept people from topping off their gas tank every time they saw gas.

Heavy big block cars and trucks values fell quickly because of their poor gas mileage. If you think that won't happen again if there's a fuel shortage or gas prices go up $2/gallon or more, you are kidding yourself.

[mikem.]

Lauren, You're the BEST! Please continue to keep us informed and educated.

[dorothymartin]

There is no "reasoning" behind pricing now in the U.S. it is whatever suits the politicians in control, for whatever suits their own private aims and benefits.

[harolddodds]

I'm in Denver now....how is gas $2.96 $4.50 in Phoenix. This has to be a hustle as blue state and if these people were feeling financial stress hardships they'd blame leadership and the economy.

[anthemss]

Only place where I can find what’s actually going on! 👍🏼

[raje]

Don’t blame D.Trump.
This White House mess
own up to it mess.

[failingup]

How does she only have 124k subs? she's great.. Well spoken, know cars, very pretty also. Odd.. Subscribed!

[rickynorris]

This administration has put us in peril.

[baldisaerodynamic]

imma be honest...i expected this year being an election year gas would have been kept down to make biden look good "i did that". but welp, guess that wont happen lol. not that anything he does makes sense.