Biden finds a new solution for gasoline prices! Sales have begun

In a statement from the U.S. Department of Energy, it was announced that the Office of Petroleum Reserves has requested the sale and liquidation of 1 million barrels (42 million gallons) of gasoline from the Northeast Gasoline Supply Reserve, which was established following Hurricane Sandy.

The statement noted that the timing of this move was set to maximize its impact on gasoline prices and will help lower costs as Americans hit the road this summer.

U.S. Secretary of Energy Jennifer Granholm, in her assessment of the matter, stated that the Biden administration is focused on lowering gasoline prices, especially as drivers head out for the summer season.

Granholm expressed that by strategically releasing the reserve between the Memorial Day and July 4th holidays, they will ensure an adequate supply flow at the time it is needed most.

HAD INCREASED BY 2 PERCENT

It is noteworthy that the sale comes following a directive from the U.S. Congress to sell and close the Northeast Gasoline Supply Reserve.

According to data from the American Automobile Association (AAA), the average price of gasoline in the country has risen to $3.59 per gallon, an increase of approximately 2 percent compared to last year.

Following the war Russia launched in Ukraine, U.S. President Biden had authorized the release of over 180 million barrels of oil in total from the country's strategic petroleum reserve in 2022 in response to rapidly rising gasoline prices in the U.S.

With the oil sales made from the country's reserves, the crude oil level in the U.S. strategic reserve fell to its lowest level since 1984, raising concerns regarding energy security.

News Source: 12punto