The administration of US President Joe Biden will release about one million barrels of gasoline from the country's reserves. The Energy Department said this should help lower costs for American families and consumers.
The Joe Biden administration said it would release one million barrels of gasoline from the Northeast Reserve, created after Superstorm Sandy, in an attempt to reduce gasoline prices at gas stations this summer, reports Voice of America.
Sales from storage facilities in New Jersey and Maine will be carried out in batches of 100,000 barrels.
This approach will allow create a competitive bidding process to ensure gasoline reaches local retailers by July 4th and is sold at competitive prices, the Energy Department said.
The move is intended to help “lower costs for American families and consumers,” it said. in a statement from the department.
National gasoline prices averaged about $3.60 a gallon (3.8 liters) Tuesday, up 6 cents from a year ago, according to the American Automobile Association. .
Sales of gasoline reserves – one of the few actions the president can take on his own to try to get inflation under control, which in an election year is crucial for the party in control of the White House.
Prepared by: Nina Petrovich