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. |
China firmly opposes latest groundless accusations in Philippine media reportsOverseas Chinese inspired by latest XiCity in east China sees increased NEVs productionGlobal Digital Economy Conference 2022 held in BeijingRural area shining example of developmentScholz's visit to focus on SinoChina lodges protests against Japan actionsXi Stresses Strengthening Farmland Protection, Quality ImprovementChina's car market sees VXi to Attend Opening Ceremony of Chengdu Universiade, Related Diplomatic Activities