Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
WASHINGTON (AP) — The Biden administration said Tuesday 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.
The Energy Department said the sale of 1 million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving season begins.
<bsp-list-loadmore data-module="" class=«PageListStandardB» data-gtm-region=«READ MORE» data-gtm-topic=«No Value» data-gtm-modulestyle=«List B»> <bsp-custom-headline custom-headline=«div»> READ MORE </bsp-custom-headline> <bsp-custom-headline custom-headline=«div»> Biden is slapping a 102% tariff on Chinese EVs </bsp-custom-headline> <bsp-custom-headline custom-headline=«div»> Fed’s preferred inflation gauge shows price pressures stayed elevated last month </bsp-custom-headline> <bsp-custom-headline custom-headline=«div»> Target to lower prices on thousands of basic items as inflation sends customers scrounging for deals </bsp-custom-headline> </bsp-list-loadmore>Gasoline prices average about $3.60 per gallon nationwide, up 6 cents from a