The Biden administration is releasing about 1 million barrels of reserve gasoline as part of an effort to reduce pump prices in the U.S. Northeast.
In a statement about the announcement, Energy Secretary Jennifer Granholm said Tuesday that she described the effort as “strategically releasing this reserve between Memorial Day and July 4.”
This is being done to ensure “sufficient supply flows to the tri-state and northeast at a time when American workers need it most,” she said.
“The Biden-Harris administration is focused on lowering prices at the pump for American families, especially as drivers hit the road for the summer driving season,” Granholm added.
Typically, gas prices rise in the summer as Americans hit the roads amid warm weather and summer vacations.
Gasoline prices are often controlled by cyclical and global factors, while presidents have limited impacts. However, prices are often the subject of political scrutiny, especially in an election year.
Management said the barrels will be sold in increments of 100,000 barrels. Most will be sold at the gasoline storage site in Port Reading, NJ, while some will come from a location in South Portland, Maine.
Gasoline prices are currently down from previous weeks, averaging about $3.60 nationwide, according to the American Automobile Institute (AAA). A week ago, the average was $3.61 and a month ago, it was $3.67, AAA said.
When it separately released oil from its Strategic Petroleum Reserve to lower prices in 2022, the administration received significant Republican backlash, as the GOP argued that the barrels should have been stored in case of emergency.
This story originally appeared on thehill.com read the full story
