After President Joe Biden announced that one million barrels of petroleum per day will be released from the Strategic Petroleum Reserve (SPR), gasoline prices have dipped below $4.00 per gallon locally.
The SPR was created in 1975 in response to the Arab Oil Embargo in 1973-1974, and 714 million barrels of oil are stored underground in La. and Texas alone.
Pre-pandemic statistics in 2019 reveal that 9.141 million barrels of oil were being imported into the US per day.
The SPR has 593.6 million barrels of petroleum in reserve, and the SPR is the largest known energy supply in the world.
The price of a gallon of BP regular gasoline at Fast Break adjacent to Exit 29 off I-64 in Clifton Dale Park was $3.99.9 per gallon on Sunday, April 3, and diesel was priced at $493.9 per gallon.
A quarter of a mile toward the Town of Clifton Forge from Exit 29 off I-64 in Clifton Dale Park, the One Stop was selling one gallon of Exxon regular gasoline for $3.67.9 for those paying cash, 32 cents per gallon less than its competitor nearby.
Those paying by credit card at the One-Stop were being charged $3.72 per gallon of regular.
The Rusty Hinge in Iron Gate was selling its Citco regular gas for $3.69.9 per gallon for those paying cash compared to $3.75.9 per gallon for those paying by credit card.
Love’s Travel Lodge in Low Moor had set its price for one gallon of regular at $395.9 and $538.9 for diesel fuel per gallon.
Pinehurst Exxon near Covington was charging $3.99.9 per gallon of regular gas when customers used a credit card to pay compared to $394.9 for those customers paying with cash.
The Subway BP had its regular gasoline priced at $3.95.9, and the 220 Express in Covington was selling its regular gas at $395.9 as well.
Valero in Covington was selling one gallon of regular gas for $397.9, and its diesel fuel was priced at $4.89.9 per gallon.
While the prices have dropped below the recent record breaking high in the Alleghany Highlands, the AAA reports that the national average per gallon of regular remains above $4.00 per gallon at $4.27, a figure 17 cents higher than the previous record-setting high of $4.10 per gallon before COVID-19.
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