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RBOB Gasoline Jul 26 (RBN26.NYM)
- Barrons.com
The White House to Sell 1 Million Barrels of Gasoline. What It Means for Your Wallet.
The Biden Administration is selling gas reserves ahead of July 4 in part to improve prices at the pump this summer. The 1 million barrels of gasoline stored in Maine and New Jersey are dwarfed by the nearly 350 million barrels of crude oil stored in the U.S. Strategic Petroleum Reserves. The Biden administration plans to sell nearly 1 million barrels of gasoline just in time for the summer driving season.
- Reuters
US to close Northeast gasoline reserve with 1 million-barrel sale
WASHINGTON (Reuters) -President Joe Biden's administration will sell nearly 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, effectively closing the near decade-old reserve. The department created the Northeast Gasoline Supply Reserve in 2014 after Superstorm Sandy left motorists scrambling for fuel. Bids are due on May 28 and the Treasury Department's general funds gets proceeds from the sale, the department said.
- Associated Press Finance
Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
The Biden administration said Tuesday it is 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. The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time. The approach will create a competitive bidding process that ensures gasoline can flow into local retailers ahead of the July 4 holiday and sold at competitive prices, the Energy Department said.
