Gas prices could drop after Biden releases 15 million barrels of crude oil
PITTSBURGH (KDKA) — Gas prices are creeping back up again and hitting our wallets.
According to AAA, the Pittsburgh area average is about $3.99. President Joe Biden is hoping to change all of that. The president is selling 15 million barrels of crude oil from the nation's emergency supply and will begin refilling the reserve.
Ideally, it will lower the price of gas or at least stabilize it.
"They are high. But what are you going to do? You've got to live," John Gray of the North Side said.
There are several factors contributing to the prices, including the Russian invasion of Ukraine and OPEC Plus limiting how much oil it sends out. This is why the Biden administration is releasing oil from the strategic reserves.
"It is a smart idea to deal with the oil prices now if we do have the reserves," said Duquesne University's Dr. Risa Kumazawa, an associate professor of economics.
Crude oil makes up 50-60 cents for every gallon, which is why its price impacts your gas prices. AAA said winter blend should help keep prices from reaching $5 a gallon.
"Something like that would be more likely to happen as the summer months approach. As we get into a time of the year where there's more demand," AAA East Central Director of Public Affairs Jim Garrity said.
Drivers hope this release of oil drives down the cost soon.
"Truly welcomed, no doubt about it. Especially for me, I'm on a fixed income. Anything they can do, I'm with it," Kumazawa said.
Experts feel these high prices need to be addressed soon because of recession concerns. When you have negative GDP growth and high inflation, only one problem can be solved at a time.
So, what's recommended to help you save some money at the pump? Take advantage of rewards programs, drive slower and check your car's maintenance. As we head into the winter, it's a good time to make sure your car is fuel efficient.