Get ready for a historic Memorial Day travel rush. Here’s what to expect for gas prices
CNN
The true impact of this strategic release will likely be negligible, oil market experts said – and the sale was mandated by Congress earlier this year.
For many Americans, Memorial Day weekend marks the start of the summer travel season as millions of people head to parks, beaches and other vacation destinations. This summer is no exception: Nearly 44 million people are expected to skip town this Memorial Day, the highest number since 2005, according to AAA. Road trips, in particular, are expected to set a record, which could send gas prices higher. There’s no relief in the air, either: Friday is expected to be the single busiest day for air travelers in 14 years, according to the Federal Aviation Administration. This week, the Biden administration said it would take action to keep prices at the pump in check, selling one million barrels of gasoline from a never-before-used emergency stockpile called the Northeast Gasoline Supply Reserve. “By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement on Tuesday. But, just as a US president cannot solely take the blame for surging oil prices, nor can he or she, in most cases, be entirely credited for steadying prices. The true impact of this strategic release will likely be negligible, oil market experts said – and the sale was mandated by Congress earlier this year.
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