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. |
Families with TWO retired generations will surge to one million in a decadeTwo more tennis players banned over links to Belgian matchFIFA offers peace talks to player unions, leagues on legal threats about congested game schedulesErnie Els, 5 others in 6The LatestWho ARE the realFormer Alabama pitcher Montana Fouts to join Athletes Unlimited for AUX seasonLions made OT Giovanni Manu of Tonga the 1st NFL draft pick from University of British ColumbiaMissouri State moves up to Conference USA in 2025 from FCS, becoming 12th football memberGossiping cats, a headless horse and a kung fu