Biden issues student debt relief, gasoline reserve release

by ian

With the 2024 presidential election fast approaching and an increasingly bleak outlook for the current Democratic candidate, the Biden administration is looking to score some last-minute victories and possibly get undecided voters to go blue.

First and foremost, the administration announced yet another release from American petroleum reserves to combat high gas prices. The new release will come from a Northeast fuel reserve which was established after Superstorm Sandy.

The sale involves 1 million barrels of gasoline taken in increments of 100,000 barrels at a time to keep competitive pricing for gasoline afloat, especially ahead of the summer travel season.

Energy Secretary Jennifer Granholm commented on the sale, saying it will ensure “sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.”

The Biden administration has faced previous criticism when it decided to empty the Strategic Petroleum Reserve early in Biden’s term. This same action is likely to face the same critiques, although it should be noted that this particular Northeast reserve was mandated to be sold off by Congress as a part of its deal to avoid a government shutdown.

Still, one conservative group is looking to highlight how bad these prices have become. Americans for Prosperity and over 20 participating gas stations across the nation started a new campaign this week to lower gas to $2.38 per gallon – the average price on the day Biden assumed office.

For comparison, as of this morning, AAA reports that the national average of gas prices hovers at around $3.61 per gallon. The event will last through May 29, spanning from Pittsburgh through Oregon. AFP expects at least 4,000 drivers to take advantage of the price.

Biden also continues to target the younger voting demographic with another round of student loan forgiveness.

According to an announcement from the Department of Education on Tuesday, the administration approved $7.7 billion in student debt relief targeting around 160,500 borrowers.

The forgiveness targets those who have borrowed through the Public Service Loan Forgiveness program, Biden’s Saving on a Valuable Education plan, and those who are receiving forgiveness through an income-driven repayment plan.

The Education Department says that Biden’s actions have resulted in $167 billion worth of relief targeting 4.75 million Americans. But these actions continue to draw condemnation from Republicans, who say the administration is looking to “buy votes.”

They also say that this wave of debt forgiveness unfairly transfers the burden onto American taxpayers.