A few facts on gas prices and oil reserves

I would like to respond to Len Golding's letter (Daily Bee, Aug. 11) in which he asks someone to clarify why President Joe Biden is buying oil for the Strategic Petroleum Reserve.

“The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,″ Energy Secretary Jennifer Granholm said in a statement. This was May 21, 2024.

The above paragraph is from Fox Business News, something Mr. Goldman should be familiar with.

The release of 1 million barrels of gasoline was intended to lower or stabilize prices for the upcoming July Fourth weekend.

The SPR is accessed in times of instability in the energy market, such as wartime, or other conditions requiring a stabilizing element in energy prices, and replenished at times when oil prices are favorable. Oil right now is $10/barrel less than it was in April, so they are buying it for the SPR.

The closing of the 1100-mile Keystone Xl pipeline has nothing to do with gasoline prices, as those are determined by oil prices on the world market and, in particular, refinery capacity in the U.S.

Len, all of this is available online. I think the biggest challenge to those who want to blame Biden for everything is cultivating a desire to learn how these things work. The oil industry is exceedingly complex, and simply finding someone to blame will never lead to an understanding of why things are the way they are.

DAN STRAYER

Bonners Ferry