Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump

President Joe Biden speaks during a Jewish American Heritage Month event, Monday May 20, 2024, in the Rose Garden of the White House in Washington. Energy Secretary Jennifer Granholm testifies before the House Committee on Energy and Commerce Subcommittee on Energy, Climate , and Grid Security for a hearing on Capitol Hill in Washington, Wednesday, May 1, 2024, on the 2025 Energy Department budget.

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. “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,″ Energy Secretary Jennifer Granholm said in the statement. “By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and Northeast at a time hardworking Americans need it the most.

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