Granite State Times

In order to curb energy prices, Sen. Maggie Hassan, along with some of her Democratic colleagues, have signed a letter to President Joe Biden asking him to release oil from the Northeast Home Heating Oil Reserve. 

The letter equates this action with the Biden administration’s decision to use oil from the Strategic Petroleum Reserve (SPR) to combat gas prices. Heating oil prices in New Hampshire are almost double what they were last year. Since tapping the SPR, gas prices fell during the summer but are on the rise again.

According to an analysis from the Houston Daily, President Biden's unprecedented draining of the SPR has led to higher gasoline prices, not lower ones. Since January, Biden has sold 177 million barrels of oil, intending to create more gasoline supply. But prices have actually risen by $0.50 per gallon over the period. The average gas price in Jan. 2022 was $3.28 per gallon, while current prices are $3.78 per gallon.

A press release from Hassan’s office says she led New England senators in a push for the Biden administration to release oil.

“To help combat the increased cost of heating oil, we believe that now is an appropriate time to release inventory from the Northeast Home Heating Oil Reserve, similar to the action you took earlier this year with the Strategic Petroleum Reserve at our urging,” the letter stated.

The senators forecast high energy prices this winter, specifically for heating oil, according to the U.S. Energy Information Administration. The press release calls on the Biden administration to imitate the earlier action it took by releasing oil from the SPR to tame gas prices.

According to ycharts data from the U.S. Energy Information Administration, the cost of heating oil in New Hampshire is 5.724, as of Oct. 17, up from 5.048 the week before, and up from 3.143 last year at an 82% increase.

“For years, Maggie Hassan did everything in her power to slow the growth of American energy. She scuttled pipelines, blocked drilling and is hostile to fracking. Now, she has the gall to demand oil companies pump more oil. Granite Staters won’t forget that she is a big reason we are in this mess,” National Republican Senate Committee (NRSC) spokesman T.W. Arrighi said in March. 

The NRSC cited Hassan’s votes against energy exploration in the Arctic National Wildlife Refuge, her votes against advancing the Keystone XL Pipeline and her votes “against legislation to prohibit a ban on fracking.”

On March 31, Biden announced the release of up to 180 million barrels of crude oil from the nation's SPR over a six-month period, in his effort to curb high gas prices. The president said there would be a slight delay in declining gas prices by days and weeks, but the prices would eventually drop by an unknown range. The Strategic Petroleum Reserve (SPR) usually keeps around 700 million barrels of crude oil in the case of unstable market supply or international emergencies. The SPR webpage states it is the world's largest supply and the “sheer size” makes it a deterrent against oil cutoffs.

Politico reports the Biden administration plans to release 15 million more barrels in December to curb gas prices. This action will leave the SPR at 400 million barrels, the lowest in 40 years.

According to the American Automobile Association (AAA), the gas price average in New Hampshire is $3.507 as of Monday, up from $3.312 last year. The latest Gasoline Misery Index, which tracks how much more (or less) the average American consumer will have to spend on gasoline on an annualized basis, reports that the average American is spending around $214 more on gas this year when compared to the same time a year ago. The Gas Misery Index also reports Americans are spending $769 more on gas today than when Biden took office.