SPARTANBURG, S.C. (WSPA) — Amid the highest gas prices in seven years, the White House will open the Strategic Petroleum Reserve, a move which experts expect could lower fuel prices by 10 to 30 cents per gallon.
The Biden administration has said it will release 50 million barrels of oil from reserves.. By tapping into the nation’s reserves of fuel — kept in tanks in Gulf states and held for emergencies — the White House hopes to ease the strain on Americans’ wallets.
The announcement comes as other countries, including China, announce a release of extra oil onto the market.
“If oil prices continue to hold at their current level of $76 a barrel, motorists could see relief anywhere from 10 to 30 cents a gallon over the next two to three weeks,” GasBuddy’s Patrick De Haan said.
Right now, AAA says gas is $3.10 per gallon in South Carolina, $3.20 per gallon in North Carolina and $3.23 per gallon in Georgia. All states are below the national average of $3.40 per gallon.
AAA projects the busiest week for travel since 2019, with more than 53 million Americans traveling for Thanksgiving.