Advertisement
Australia markets closed
  • ALL ORDS

    7,974.80
    -27.70 (-0.35%)
     
  • ASX 200

    7,724.30
    -25.40 (-0.33%)
     
  • AUD/USD

    0.6618
    -0.0020 (-0.30%)
     
  • OIL

    78.49
    -0.13 (-0.17%)
     
  • GOLD

    2,348.40
    +30.40 (+1.31%)
     
  • Bitcoin AUD

    100,039.21
    +1,171.72 (+1.19%)
     
  • CMC Crypto 200

    1,404.33
    -13.54 (-0.96%)
     
  • AUD/EUR

    0.6178
    +0.0005 (+0.09%)
     
  • AUD/NZD

    1.0765
    +0.0012 (+0.12%)
     
  • NZX 50

    11,864.89
    -7.75 (-0.07%)
     
  • NASDAQ

    19,659.80
    +82.88 (+0.42%)
     
  • FTSE

    8,146.86
    -16.81 (-0.21%)
     
  • Dow Jones

    38,589.16
    -57.94 (-0.15%)
     
  • DAX

    18,002.02
    -263.66 (-1.44%)
     
  • Hang Seng

    17,941.78
    -170.85 (-0.94%)
     
  • NIKKEI 225

    38,814.56
    +94.09 (+0.24%)
     

Biden to sell 1M barrels of gasoline to cut prices ahead of summer driving season

Investing.com -- The Biden administration is set to sell 1 million barrels of gasoline from strategic reserves held in the Northeast to lower gas prices ahead of the summer driving season.

Crude Oil WTI Futures fell 0.9% to $78.61 a barrel.

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

The Department of Energy will sell close to 1 million barrels of gasoline that includes 900,000 barrels of oil from the Port Reading, NJ and 98,824 barrels from South Portland, ME. Retailers and terminals will receive the fuel by no later than June 30, according to the Department of Energy.

ADVERTISEMENT

The move is "strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer," Granholm added.

The summer driving season begins around the Memorial Day weekend through Labor Day.

Related Articles

Biden to sell 1M barrels of gasoline to cut prices ahead of summer driving season

Oil down on inflation, gasoline demand weak ahead of US summer driving season

China's Metals Dominance Influences Global Supply, Says BofA