Biden to Sell 1M Barrels of Gasoline to Reduce Prices Before Summer Driving Season

The Biden administration is preparing to sell 1 million barrels of gasoline from strategic reserves located in the Northeast to help reduce gas prices ahead of the summer driving season.

Oil prices have dipped, falling 0.9% to $78.61 a barrel.

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

The Department of Energy is planning to sell nearly 1 million barrels of gasoline, which includes 900,000 barrels from Port Reading, New Jersey, and 98,824 barrels from South Portland, Maine.

According to the Department of Energy, retailers and terminals are expected to receive this fuel no later than June 30.

Granholm emphasized that the timing of this move is designed to maximize its influence on gasoline prices, aiming to lower costs at the pump as Americans prepare to travel during the summer. The summer driving season typically runs from Memorial Day weekend through Labor Day.