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.
Austrian leader lauds UK's efforts on migration and cites its plan for deportations to Rwanda
Despite numbers showing a healthy economy overall, lower
Box owners at Mexico’s iconic Azteca Stadium refuse to release their seats for the 2026 World Cup
West Midlands mayoral hopeful in fake video row over 'racist teacher'
Trump visits Minnesota after son Barron's Florida high school graduation
First round of PGA Tour Champions' Regions Tradition starts after weather delay
US says Rafah offensive would jeopardize cease
Air Vanuatu cancels flights and considers bankruptcy protection
Hong Kong: Authorities will monitor internet platforms for non
Russia begins nuclear drills in an apparent warning to West over Ukraine
Number of complaints about doctors subjecting Jewish colleagues to anti