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.
Related articles:
Related suggestion:
A Russian journalist has been detained for posts criticizing the military, his lawyer saysNearly 500 movies compete at Silk Road film festivalFleeing suspect fatally shot during gunfire exchange with police in northwest IndianaAllergies can make you miserable. Here's how to track pollen levels near youDua Lipa looks smitten with boyfriend Callum Turner as they arrive to dinner in NYC holding handsLady Victoria Hervey dons chic monochrome ensemble as she visits an art exhibition in LondonReese Witherspoon, 48, beams beside miniTiger Woods' son Charlie shoots +9 in US Open qualifying as 15Music Review: St. Vincent's artBuilding at end of Southern California pier catches fire, sending smoke billowing onto beach
3.0965s , 6604.9140625 kb
Copyright © 2024 Powered by Biden to release 1 million barrels of gasoline in bid to lower prices at pump ,Culture Craft news portal