Biden Releasing 1 Million Barrels of Gasoline to Curb Prices

Gas prices are 2 percent higher than a year ago.
Biden Releasing 1 Million Barrels of Gasoline to Curb Prices
President Joe Biden in Washington on May 14, 2024. Win McNamee/Getty Images
Andrew Moran
Updated:
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The Biden administration will release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to reduce pump prices ahead of the busy summer driving season, according to a statement sent by the White House.

Supplies will be released in 100,000-barrel quantities to facilitate a competitive bidding initiative to help curb gas prices, the Department of Energy confirmed. Gasoline will be sold from storage facilities in Maine and New Jersey, and retailers and terminals will receive the 42 million gallons of gasoline by no later than June 3, it noted.

Andrew Moran
Andrew Moran
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Andrew Moran has been writing about business, economics, and finance for more than a decade. He is the author of "The War on Cash."