Biden administration to sell gasoline to lower prices

It was reported that the US President Joe Biden administration will offer 1 million barrels of gasoline from reserves in the Northeast for sale in order to lower prices during the summer season. In a statement, the US Department of Energy announced that the Petroleum Reserve Office has requested the sale and liquidation of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve, which was created after Hurricane Sandy. The statement noted that the timing of this was adjusted to maximize its impact on gasoline prices and will help lower prices as Americans hit the road this summer. In her assessment on the subject, US Energy Secretary Jennifer Granholm stated that the Biden administration is focused on lowering gasoline prices, especially as drivers hit the road during the summer season. Granholm stated that they will strategically release the reserve between Memorial Day and the July 4 holidays to ensure an adequate supply flow when it is needed most. Gasoline prices had increased by 2 percent It is noteworthy that the sale in question came after the US Congress ordered the sale and closure of the Northeast Gasoline Supply Reserve. According to the American Automobile Association (AAA), the average price of gasoline in the country has increased by about 2 percent compared to last year, reaching $3.59 per gallon. US President Biden has authorized the release of a total of over 180 million barrels of oil from the country's strategic petroleum reserve in 2022 in response to the rapidly increasing gasoline prices in the US following the war launched by Russia in Ukraine. With the sales of oil from the country's reserves, the rate of crude oil in the US's strategic reserve has fallen to its lowest level since 1984, raising concerns about energy security.