Biden releasing 1M barrels of gasoline from Northeast Reserve in bid to lower prices at pump

The Northeast reserve was created a decade ago and is separate from the Strategic Petroleum Reserve in Texas and Louisiana.The Biden administration said Tuesday it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lowerThe sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time.

Gasoline prices average about $3.60 per gallon nationwide, 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. Biden significantly drained the Strategic Petroleum Reserve in 2022 following Russia's invasion of Ukraine, dropping the stockpile to its lowest level since the 1980s. The election year move helped stabilize gasoline prices that had been rising in the wake of the war in Europe but drew complaints from Republicans that the Democratic president was playing politics with a reserve meant for national emergencies.

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