The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
It costs a lot of money to store gasoline. Why would we keep paying for that when we could release it and pump a million less barrels out of the earth?
Tapping reserves means less pumping, not more burning.
People don’t start joy riding like mad when the price goes down. The continue to just go to work, to the store, and all the normal stuff. Maybe a couple people road trip more when gas hits $2, but not a significant number.
Gas demand is not very price sensitive. This won’t make people drive more.
Alright, if its pointless lets not release an extra million barrels of gasoline to be converted to co2
It costs a lot of money to store gasoline. Why would we keep paying for that when we could release it and pump a million less barrels out of the earth?
Tapping reserves means less pumping, not more burning.
Gas demand is absolutely price sensitive lol
Is not though.
https://www.eia.gov/todayinenergy/detail.php?id=19191#:~:text=The price elasticity of motor,to raise automobile travel 1%25.
People don’t start joy riding like mad when the price goes down. The continue to just go to work, to the store, and all the normal stuff. Maybe a couple people road trip more when gas hits $2, but not a significant number.
People may actually drive more when gas prices go up. They might drive instead of flying to a vacation to save money.