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.
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. – 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. Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
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