President Biden Releasing 1 Million Barrels Of Gasoline From Northeast Reserve In Bid To Lower Prices At The Pump

WASHINGTON (AP) — The Biden administration says it’s 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 is from storage sites in New Jersey and Maine and will be allocated in increments of 100,000 barrels at a time.

Energy Secretary Jennifer Granholm says the move is intended lower costs for American families and consumers in time for the summer driving season.

AAA says prices averaged about $3.60 per gallon as of Tuesday, up 6 cents from a year ago.

The Northeast reserve was created a decade ago after Superstorm Sandy and is separate from the Strategic Petroleum Reserve in Texas and Louisiana.

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