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:
Related suggestion:
3 Indian nationals charged with killing Canadian Sikh separatist leader make first court appearanceEmily Ratajkowski leaves NOTHING to the imagination as she goes underwearRainfall allows Spain's Catalonia to ease water restrictions for 1st time during droughtOklahoma State hires Olympic gold medalist David Taylor as wrestling coachArrested US soldier awaiting hearing in Russia on theft chargesMedicare and Social Security goJudge dismisses lawsuit by mother who said school hid teen's gender expressionLiberal icon Bernie Sanders is running for Senate reelection, squelching retirement rumorsDelhi notches crucial 20South Carolina lawmakers rekindle bill limiting how topics like race are taught
2.3058s , 6501.9375 kb
Copyright © 2024 Powered by Biden to release 1 million barrels of gasoline in bid to lower prices at pump ,Global Glossary news portal