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Biden Administration To Release 1 Million Barrels of Gasoline To Lower Summer Prices

5/26/2024

(P&GJ) – According to the Associated Press, the Biden administration announced the release of 1 million barrels of gasoline from a Northeast reserve to help lower prices at the pump this summer. This gasoline, stored in New Jersey and Maine, will be sold in increments of 100,000 barrels through a competitive bidding process to ensure it reaches local retailers before the July 4 holiday.

Gas prices are currently averaging $3.60 per gallon nationwide, up from $3.54 a year ago. The move is one of the limited actions the president can take to combat inflation, which is a significant concern in an election year. Energy Secretary Jennifer Granholm emphasized that this release is aimed at ensuring a sufficient fuel supply for the Northeast during the summer driving season.

The release complements other efforts by President Biden to lower energy costs, including historic releases from the Strategic Petroleum Reserve (SPR) and investments in clean energy. The SPR, heavily tapped in 2022 following Russia’s invasion of Ukraine, is now being refilled and still holds the world’s largest emergency crude oil supply despite being at its lowest level since the 1980s.

The gasoline from the Northeast reserve must be transferred or delivered by June 30. White House Press Secretary Karine Jean-Pierre highlighted that this measure is part of Biden’s broader strategy to secure an affordable and clean energy future while addressing immediate energy needs.

This story was originally reported by the Associated Press.

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