Biden to Sell Off 1M Barrels from Gasoline Supply Reserve Ahead of Election

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In an effort to alleviate rising fuel costs, the Biden administration announced on Tuesday the release of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve. This strategic move is aimed at maintaining lower gas prices during the peak summer driving season and ahead of the November elections.

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Gasoline Supply Reserve

The Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve (SPR), was established in 2014 following Superstorm Sandy, which severely disrupted gasoline supplies in the New York City area. The reserve is intended for use during emergencies to ensure a steady supply of gasoline in the region.