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RBOB Gasoline Aug 25 (RBQ25.NYM)
- Reuters
US to close Northeast gasoline reserve with 1 million-barrel sale
The Biden 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 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 that 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.
- Reuters
Oil down on inflation, gasoline demand weak ahead of US summer driving season
HOUSTON (Reuters) -Oil prices declined by more than 1% on Tuesday with lingering U.S. inflation poised to keep interest rates higher for longer, potentially dampening consumer demand at the pump. Brent crude futures fell by $1.21, or 1.45%, to $82.50 a barrel by 12:25 a.m. ET (1625 GMT). The more active July contract lost $1.09, or 1.37%, to $78.21.
