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:
Chinese Courts Empowered to Better Support Family Education, Protect MinorsCCTF, Tencent Launch Special Fund to Build Girl's ChorusesChina's Annual Vocational Education Week Opens in ShandongChina to Ensure Women Employees' Rights, InterestsChina Focus: China Aims to Enhance BarrierChina Beats Japan in FIVB Women's Nations LeagueChina Specifies Measures to Ease Burden of Student LoansOrgans Safeguard Campus SecurityChina's Ancient Symbols Light up Upcoming World University GamesSpring Bud Girls Receive Gifts ahead of Int'l Children's Day
2.5669s , 6490.4921875 kb
Copyright © 2024 Powered by Biden to release 1 million barrels of gasoline in bid to lower prices at pump ,Worldly Workshop news portal