Investing.com — The Biden administration plans to sell 1 million barrels of gasoline from strategic reserves in the Northeast to lower gas prices ahead of the summer driving season.
fell 0.9% to $78.61 per barrel.
“By strategically releasing this reserve between Memorial Day and the Fourth of July, we are ensuring sufficient supply flows to the tri-state and the Northeast at a time when hardworking Americans need it most,” Secretary of Energy Jennifer M. Granholm said Tuesday in a statement.
The Department of Energy will sell nearly 1 million barrels of gasoline, including 900,000 barrels of oil from Port Reading, NJ and 98,824 barrels from South Portland, ME.
Retailers and terminals will receive the fuel by June 30, according to the Department of Energy.
The move is “strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer,” Granholm added.
The summer riding season starts around Memorial Day weekend through Labor Day.
