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Biden to sell 1M barrels of gasoline to cut prices ahead of summer driving season

AuthorYasin Ebrahim
Published 05/21/2024, 01:35 PM
© Reuters.
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Investing.com -- The Biden administration is set to sell 1 million barrels of gasoline from strategic reserves held in the Northeast to lower gas prices ahead of the summer driving season. 

Crude Oil WTI Futures fell 0.9% to $78.61 a barrel.

“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer M. Granholm said in a statement Tuesday.

 
The Department of Energy will sell close to 1 million barrels of gasoline that includes 900,000 barrels of oil from the Port Reading, NJ and 98,824 barrels from South Portland, ME.
 
Retailers and terminals will receive the fuel by no later than 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 driving season begins around the Memorial Day weekend through Labor Day.

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