June 22nd, 2024

Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

By Matthew Daly, The Associated Press on May 21, 2024.

President Joe Biden speaks during a Jewish American Heritage Month event, Monday May 20, 2024, in the Rose Garden of the White House in Washington. (AP Photo/Jacquelyn Martin)

WASHINGTON (AP) – The Biden administration says it’s 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 is from storage sites in New Jersey and Maine and will be allocated in increments of 100,000 barrels at a time.

Energy Secretary Jennifer Granholm says the move is intended lower costs for American families and consumers in time for the summer driving season. AAA says says prices averaged about $3.60 per gallon as of Tuesday, up 6 cents from a year ago.

The Northeast reserve was created a decade ago after Superstorm Sandy. It’s separate from the Strategic Petroleum Reserve in Texas and Louisiana.

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