Biden to Release 1 Million Barrels of Gasoline from Northeast Reserve to Lower Prices Ahead of July 4

May 21, 2024, 06:15 PM

President Joe Biden has announced the release of 1 million barrels of gasoline from a Northeast reserve to lower prices at the pump. This reserve, established after Superstorm Sandy, is being sold off as part of a law passed by Congress in the Consolidated Appropriations Act. The Department of Energy has timed the sale to coincide with the summer driving season, particularly ahead of July 4. The move has sparked debate, with some critics arguing it is politically motivated ahead of the upcoming election year, while supporters emphasize it is a legal requirement. The U.S. strategic reserves have dropped to 450 million barrels, a 40-year low.