Biden Releases 1M Barrels from Reserve to Cut Gas Prices

The Biden administration is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in an effort to lower prices at the pump. The gasoline will be sold from storage sites in New Jersey and Maine in increments of 100,000 barrels at a time, creating a competitive bidding process. This measure aims to help lower costs for American families and consumers, particularly during the summer driving season. Currently, the national average for gas prices is $3.60 per gallon, up 6 cents from a year ago, according to AAA.

This action is part of broader efforts by the Biden administration to reduce gas and energy costs. Previous measures have included significant reductions from the Strategic Petroleum Reserve and investments in clean energy. The Department of Energy has indicated that this release is also in response to a mandate from Congress to sell off the 10-year-old Northeast reserve and subsequently close it. The release is strategically timed to provide relief for motorists as summer travel increases.