WASHINGTON – President Joe Biden announced this week he will dip into the nation’s reserve supply to overset rising crude oil prices, but drivers may not see long-term or immediate results.
Gas experts say don’t expect relief from the pump just yet. When it comes, it may not last long.
“It will put a band-aid on things just for the holidays, but after that’s gone what do we do next?” questioned driver Christopher Boyd.
Michael O’Connor, of the Virginia Petroleum & Convenience Marketers Association, said one of the things directly related to what people are paying on the street is the cost of crude oil.
In 2020, a barrel of crude oil was around $40. A year later, the price has soared to more than $80.
“High gas prices. This is a problem,” admitted President Joe Biden Tuesday. “While our combined actions will not solve the problem of high gas prices overnight, it will make a difference.”
“That’s minimally helpful, but considering that consumption in the country is about 19 million, we’re looking at about 3 days’ worth,” said O’Connor.
According to AAA, Virginians are paying $3.25/gallon on average.