The sale will be allocated in increments of 100,000 barrels at a time.
FILE - Energy Secretary Jennifer Granholm testifies before the House Committee on Energy and Commerce Subcommittee on Energy, Climate, and Grid Security for a hearing on Capitol Hill in Washington, May 1, 2024, on the 2025 Energy Department budget. 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.
Gas prices average about $3.60 per gallon nationwide as of Tuesday, up 6 cents from a year ago, according to AAA. Tapping gasoline reserves is one of the few actions a president can take by himself to try to control inflation, an“The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,″ Energy Secretary Jennifer Granholm said in the statement.
, a Democrat, “to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy.″Ukraine The Biden administration has since begun refilling the oil reserve, which had more than 364 million barrels of crude oil as of last month. The total is lower than levels before the Russia-Ukraine war but still the world’s largest emergency crude oil supply.
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