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. |
Book Review: Hampton Sides revisits Captain James Cook, a divisive figure in the South PacificChina sanctions 2 US defense companies and says they support arms sales to TaiwanHow do animals react during a total solar eclipse? Scientists plan to find out in AprilVikings had windows, another shift away from their image as barbaric Norsemen, Danish museum saysMaggie Rogers on 'Don't Forget Me,' the album she wrote for a Sunday drive2025 Oscars: Academy Awards announces March 2 date'Sasquatch Sunset' review: Should you watch this movie about a family of Bigfoots?Total solar eclipse 2024 wow crowds across North AmericaGot kids? Here's what to know about filing your 2023 taxesBakery outlets close across New England and New York