Biden to release 1 million barrels of gasoline in bid to lower prices at pump
WASHINGTON (AP) — The Biden administration said Tuesday that it is 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, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said. The move is intended to help “lower costs for American families and consumers,″ the department said in a statement.
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 election year liability for the party in control of the White House.
Related articles
State Supreme Court and Republican congressional primary elections top Georgia ballots
ATLANTA (AP) — Georgia’s elections on Tuesday include a state Supreme Court race that’s grown unusua2024-05-22EastEnders star Shona McGarty reveals the real reason she quit the BBC soap after 16 years
Shona McGarty has said she 'feels like she is leaving home' as she opened up about the real reason s2024-05-22Israeli officials concerned about possible ICC arrest warrants as pressure mounts over war in Gaza
JERUSALEM (AP) — Israeli officials appeared increasingly concerned that the International Criminal C2024-05-22The Suns built a superteam with Durant, Booker and Beal. It produced zero playoff wins
PHOENIX (AP) — The Phoenix Suns thought they had built a formidable superteam during the offseason b2024-05-22Serie A champion Inter facing a nervous wait as deadline passes for loan repayment to Oaktree
MILAN (AP) — Just two days after celebrating its Serie A title win, Inter Milan and its fans face a2024-05-22Chinese people read more last year, poll finds
Chinese people read more last year than in 2022, according to a survey report released at the Third2024-05-22
atest comment