Biden to Release 1 Million Barrels of Gasoline from Strategic Northeast Reserve on Tuesday to Lower Prices

May 21, 2024, 05:00 PM

President Joe Biden has announced the release of 1 million barrels of gasoline from a strategic Northeast reserve on Tuesday in an effort to lower prices at the pump. The reserve, established after Superstorm Sandy, is being tapped as part of the administration's strategy to address rising fuel costs. The Department of Energy will oversee the sale of the gasoline from the U.S. managed stockpile, as required by law. This move aims to provide temporary relief to consumers facing high gas prices this summer.