The Biden administration plans to release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to help lower prices at the pump ahead of the busy summer driving season, according to a statement from the White House.
The Department of Energy confirmed that the gasoline will be released in 100,000-barrel increments to support a competitive bidding initiative aimed at reducing gas prices. The gasoline will be sold from storage facilities in Maine and New Jersey, with retailers and terminals receiving the supply by June 3.
The Department of Energy announced that retailers and terminals will receive the 42 million gallons of gasoline by June 3 at the latest.
Energy Secretary Jennifer Granholm stated that the strategic release of gasoline will take place between Memorial Day and the Fourth of July.
“The Biden-Harris Administration is laser focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,” Ms. Granholm said, adding that the White House is “ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.”
The Northeast Gasoline Supply Reserve was established in 2012 in response to the severe damage