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Biden Administration Taps Gas Reserves to Ease Summer Pump Prices

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(AURN News) – The Biden administration took action Tuesday aimed at providing relief from the high gasoline prices drivers are expected to face during the summer driving season. The Department of Energy announced it will sell 1 million barrels of gasoline—equivalent to 42 million gallons—from the Northeast Gasoline Supply Reserve. The move is intended to increase supplies and hopefully lower prices at the pump between Memorial Day and the July 4th holiday, when demand peaks.

“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and Northeast at a time hardworking Americans need it the most,” said Energy Secretary Jennifer Granholm in a statement.

Energy Secretary Jennifer Granholm testifies before the House Committee on Energy and Commerce Subcommittee on Energy, Climate, and Grid Security for a hearing on Capitol Hill in Washington, May 1, 2024, on the 2025 Energy Department budget. The Biden administration says it’s 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. (AP Photo/Susan Walsh, File)

The department says gasoline from the supply reserve will be delivered or transferred to markets no later than June 30. The announcement comes as motorists nationwide are grappling with gasoline prices that remain elevated despite modest recent declines.

According to AAA, the current national average for a gallon of regular gasoline is $3.59, down from $3.67 a month ago but still painfully high for many families as the summer driving season begins.

There are considerable regional differences in prices, with drivers in Texas currently paying an average of $3.14 per gallon, while those in California are being hit with a statewide average of $5.18.


Click play to listen to the AURN News report from Jamie Jackson:

The post Biden Administration Taps Gas Reserves to Ease Summer Pump Prices appeared first on American Urban Radio Networks.

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