WORCESTER, Mass. - It's been nearly two weeks since President Joe Biden authorized the release of oil from the nation’s strategic reserves.
The move was made in an attempt to reduce gas prices while also putting a responsibility on oil companies to increase supply.
Earlier this week, AAA reported the average price of gas in Massachusetts is 25 cents lower than a month ago.
Yatco Energy is a wholesale gas distributor and operates gas stations and convenience stores based in Central Massachusetts.
Vice president Hussein Yatim said they're conscious with their contracts because prices change daily. Yatim said opening the reserves allowed prices to slowly come down. He said gas prices also rely heavily on supply and demand.
"I think demand picking up will help,” Yatim said. “Offices opening, people driving more, they will keep the demand for selling. It’s a commodity business so you're going to get fluctuations and with curtain events like the war in Ukraine. If that stabilizes or goes away, hopefully we'll get some stability and prices will come down."
Yatim said his staff closely monitors world events, like Russia’s attack on Ukraine, since they have an impact on prices and his company is constantly supplying gas to customers.