05/22/2024

President Biden to Release 1 Million Barrels of Gasoline from a Northeast Reserve

His goal is to lower prices at the pump

On Tuesday, the Biden administration said it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.

The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said.

The move, which the department said is intended to help "lower costs for American families and consumers," follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.

Please select this link to read the complete article from The Associated Press.