Regular unleaded average price in NY state: $3.566/gal yesterday, $2.218/gal a year ago for a 61% annual increase[1].
If this temporary blip could cause prices to go down by 10% (during a time where demand for other uses for oil are also going up), then prices would be up only 45% from a year ago.
Assuming Biden is releasing the sweet variety that can be readily used to make gasoline, this first step is going to deplete about 20% of the SPR.
How many of those shots does he have?
People who think they can command and control the economy, regardless of the ideological banner they choose for themselves, have caused more misery, poverty, death, and destruction than anyone else. True to form, he is continuing with that.
For NY, this page[2] has figures going back a decade. These are nominal prices. Still, whether inflation adjusted or not, last year was an anomaly. Last October, prices were down 20% from the previous year in line with the depressed economy.
So, if you compare October 2021 with October 2019, nominal gas prices are 30% higher and real prices are 20% higher. On the other hand, in October 2012, gas prices were 43% higher in real terms, so there is that.
Except, in this case, consumers are facing a widespread sustained increase in all prices. 50 cents more for a latte may not mean much to a single person, but 100% increase in the price of fresh produce and almost 80% increase in the prices of meat & poultry have significant effects for a lot of families. And these are the predictable effects we are seeing. It is only going to get worse from here. In terms of historical reference, we are in the mid-60s. We have a long ways to go before we reach the mid-90s.
[1]: https://gasprices.aaa.com/?state=NY
[2]: https://www.nyserda.ny.gov/researchers-and-policymakers/ener...
> Putting these facts together, if the U.S. depleted all its sweet reserves in this folly, it would cover about two weeks of consumption.
The US doesn't need to deplete or even come close to depleting any reserve or resource to depress prices. The strategic timing of this announcement suggests that depressing prices is the real goal anyways: lots of Americans are going to be driving around for the December holidays, and 10-20% lower gas prices can make a difference.