Biden to release 1 million barrels of gasoline in bid to lower prices at pump
Time:2024-05-22 09:53:06 Source:politicsViews(143)
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.
Previous:Biden to release 1 million barrels of gasoline in bid to lower prices at pump
Next:Juneteenth proclaimed state holiday again in Alabama, after bill to make it permanent falters
You may also like
- Caitlin Clark returns for 2nd half against Sun after apparent left leg injury in 1st half
- Xi's article on CPC self
- Xi Sends Condolences to Indonesian President over Deadly Earthquake
- Xi Sends Condolences to Indonesian President over Deadly Earthquake
- Trump says he is open to restrictions on contraception before backing away from the statement
- Xi's Overseas Trip Demonstrates China's Commitment to Global Growth, Governance
- Guidelines aim to reduce rate of childhood myopia
- Xi Meets Italian PM Meloni
- Kansas takes control in the ninth and beats Kansas State in the opener of the Big 12 Tournament