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.
Report says China is accelerating the forced urbanization of rural Tibetans
Sheetz convenience store chain hit with discrimination lawsuit
Haleigh Bryant helps LSU gymnastics advance to team finals at NCAA women’s championship
Red Sox third baseman Rafael Devers has a bone bruise in his sore left knee
Elvis' granddaughter Riley Keough fights Graceland estate auction
Packers sign former Tennessee Titans offensive tackle Andre Dillard
Vikings have the 11th and 23rd picks in the NFL draft and a need for a QB. Can they get their guy?
Kelly Clarkson, 41, rocks a little black dress highlighting her 40
Kansas takes control in the ninth and beats Kansas State in the opener of the Big 12 Tournament
Punjab Kings run out of steam as Mumbai Indians win by 9 runs
Hong Kong: Authorities will monitor internet platforms for non
Montreal scores twice in final minutes and rallies to beat Minnesota 4