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
How major US stock indexes fared Monday, 5/20/2024
U.S. stock indexes drifted to a mixed finish after a quiet day of trading, and the Nasdaq composite2024-05-22Russia claims links of Crocus attackers with Ukraine
Russia claimed to have found a link between the terrorists who attacked the Crocus City Hall near Mo2024-05-22Novelette inspired by ancient painting wins Hugo Award
By Yang Yang (Chinadaily.com.cn) 08:57, October 23, 2023Chinese author Hai Ya speaks during an inter2024-05-22Hong Kong's first satellite manufacturing center launched
(Ecns.cn) 17:22, July 26, 2023Photo shows the Aerospace Control Center at the Hong Kong Satellite Ma2024-05-22UN maritime tribunal says countries are legally required to reduce greenhouse gas pollution
HAMBURG, Germany (AP) — A U.N. tribunal on maritime law said Tuesday that countries are legally requ2024-05-22At birthplace of Olympics, performers at flame
ANCIENT OLYMPIA, Greece (AP) — No one knows what music in ancient Greece sounded like or how dancers2024-05-22
atest comment