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The Biden administration has announced plans to release about 1 million barrels of reserve gasoline supplies to reduce prices at the pump in the Northeastern US.
Energy Secretary Jennifer Granholm stated on Tuesday that this effort involves “strategically releasing this reserve between Memorial Day and July 4th.” The goal is to ensure “sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.” Granholm added, ” 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.”
The administration plans to sell the gasoline in 100,000-barrel increments, primarily from the storage site in Port Reading, New Jersey, with some reserves coming from South Portland, Maine.
This initiative follows a similar release from the Strategic Petroleum Reserve in 2022, which sparked criticism from Republicans. Republican lawmakers in Congress have argued that those barrels should have been conserved for emergencies.
This comes as gasoline prices are averaging about $3.60 nationwide, slightly lower than the $3.61 average from a week ago and $3.67 from a month ago,
