Senate Majority Leader Chuck Schumer, D-N.Y., has asked President Joe Biden to tap into the emergency petroleum reserves to lower gas prices, Reuters reported. 

Schumer noted that “we need immediate relief at the gas pump” following the supply chain issues that have plagued the nation’s economy during Biden’s presidency as a result of the pandemic. "Let's get the price of gas down right now. And this will do it,” Schumer added

 

 

According to Energy Secretary Jennifer Granholm, the president has not yet committed to the idea but he is considering it. Drawbacks to Schumer’s plan to tap into the petroleum reserves are that the move would only provide a short-term solution and would not increase oil production.

The boost in supply should help push down prices, which have reached decades-long highs. Oil prices rose to more than $80 a barrel. Last week, the price of gas fell to $3.41 per gallon, costing $1 more than it did a year ago.

Schumer is not the only senator to ask Biden to tap into the Strategic Oil Reserve as 11 Senate Democrats from New England and Pennsylvania asked him to do the same last week. The group noted that the issues facing the supply chain are driving prices up in their home states and creating higher bills for their constituents.