Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
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
By Matthew Daly
Published - May 21, 2024, 12:42 PM ET
Last Updated - May 27, 2024, 12:28 AM EDT
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.
