Biden Administration To Release 1 Million Barrels Of Gasoline From Northeast Reserve

The Biden administration announced Tuesday that it will sell nearly 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve (NGSR) in an effort to lower prices at the pump this summer. The sale, which will effectively close the reserve, comes after Congress included a provision in a March spending bill to sell off and shutter the stockpile.

The Department of Energy said the sale of the gasoline, located at storage sites in Port Reading, New Jersey, and South Portland, Maine, will be allocated in quantities of 100,000 barrels with bids due on May 28. The proceeds from the sale will go to the Treasury Department’s general funds.

“By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the … northeast at a time hardworking Americans need it the most,” Energy Secretary Jennifer Granholm said in a statement.

White House Press Secretary Karine Jean-Pierre said the release of gas from the NGSR builds on actions by President Joe Biden “to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy.”