In an endeavor to reduce the cost of gasoline in the Northeastern United States, the Biden administration is reportedly releasing approximately 1 million barrels of reserve gasoline supplies.
In the summer, petroleum prices typically increase as Americans travel due to the warm weather and summer vacations.
Energy Secretary Jennifer Granholm made the announcement in a statement on Tuesday.
“The Biden-Harris Administration is laser focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,” Granholm wrote.
Presidents have minimal influence on gasoline prices, which are frequently influenced by global and cyclical factors.
However, the prices are frequently the focus of political scrutiny, particularly during election years.
According to the administration, the barrels will be sold in 100,000-barrel increments.
Some of the petroleum will be sourced from a site in South Portland, Maine, while the majority will be sold from the gasoline storage site in Port Reading, N.J.
The administration faced substantial Republican opposition when it released oil from its Strategic Petroleum Reserve in 2022 to reduce prices.
The GOP contended that the barrels should have been stored for an emergency.
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