Biden to release 1 million barrels of gasoline in bid to lower prices at pump
Time:2024-05-22 06:10:02 Source:worldViews(143)
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.
Previous:Syrian first lady Asma Assad diagnosed with leukemia, president's office says
Next:Germany and Real Madrid great Toni Kroos to retire after Euro 2024
You may also like
- Thailand welcomes the return of trafficked antiquities from New York's Metropolitan Museum
- Xi Extends Congratulations to New Slovenian President
- Xi Jinping Replies to Letter from Artists of China Oriental Performing Arts Group
- Xi Focus: Xi Meets with HKSAR Chief Executive
- Tennessee latest state to mandate automatic defibrillators at high schools
- Xiplomacy: China, LAC Countries Embrace New Era of Win
- Xi Congratulates Lula on Inauguration as Brazilian President
- Xi Stresses Systematic Protection of Intangible Cultural Heritage
- Report says China is accelerating the forced urbanization of rural Tibetans