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The Biden administration plans to offload one million barrels of gasoline from Northeast reserves to reduce fuel prices for drivers.The distribution is set to take place in increments of 100,000 barrels to guarantee a competitive bidding process from both retailers and terminals. The U.S. Department of Energy is expected to release gasoline from two reserves in New Jersey and Maine, intending to lower costs for consumers and ensure sufficient supply.
The sale of the government-owned stock was mandated by Congress in the spending bill it passed in March, and will culminate in the closure of the reserve, which has facilities in the New York Harbor area and Maine. The gasoline will be allocated...President Joe Biden's administration will sell nearly 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, effectively closing the near decade-old reserve.
The department created the Northeast Gasoline Supply Reserve in 2014 after Superstorm Sandy left motorists scrambling for fuel. But storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed in March by Biden, a Democrat.
The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve that was established in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area.
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