ICYMI: “Biden to Release 1 Million Barrels of Gasoline to Reduce Prices at the Pump Ahead of July 4” Publisher: The White House Date: 22 May 2024 Subjects: American Government , Petroleum

Statement from Press Secretary Karine Jean-Pierre: “With Memorial Day weekend and the start of the summer driving season around the corner, the Biden-Harris Administration is taking action to lower gas prices with the sale of one million barrels of gasoline from the Northeast Gasoline Supply Reserve. This builds on other actions by President Biden to lower gas and energy costs—including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy. While Congressional Republicans fight to preserve tax breaks for Big Oil at the expense of hardworking families, President Biden is advancing a more secure, affordable, and clean energy future to lower utility bills while record American energy production helps meet our immediate needs.”

Read more below:

CNBC: Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4
[Spencer Kimball, 5/21/24]

The Biden administration will release 1 million barrels of gasoline from reserves held in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season.

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

Associated Press: Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
[Matthew Daly, 5/21/24]

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 move, which the department said is intended to help “lower costs for American families and consumers,″ follows a mandate from Congress to sell off the 10-year-old Northeast reserve and then close it. The language was included in a spending deal Congress approved in March to avert a partial government shutdown.

MarketWatch: Here’s what the U.S. government is doing to help lower gasoline prices
[Myra P. Saefong, 5/21/24]  

Gasoline prices at the pump are little changed from a year ago, but the Biden administration on Tuesday said it’s taking action to help lower prices at the pump for the summer.

The U.S. Department of Energy announced Tuesday that it will release 1 million barrels of gasoline from the nation’s Northeast Gasoline Supply Reserve to help lower retail prices of the fuel ahead of this weekend’s Memorial Day start to the summer driving season.

Fox Business: White House released 1M barrels of gasoline, attempting to bring prices down
[Timothy Nerozzi, 5/21/24]

The White House is announcing the release of over 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve in an attempt to lower prices […]

“The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,″ Energy Secretary Jennifer Granholm said in a statement.

The Washington Post: Biden releases 1 million barrels of gasoline in bid to lower summer costs
[Rachel Siegel and Evan Halper, 5/21/24]

The Biden administration on Tuesday announced the release of 1 million barrels of gasoline, a move aimed at cutting prices at the pump this summer […]

The administration’s move comes as summer driving season gets underway, when prices typically bump up as a result of demand from travelers and changes made in the formulation of the fuel to meet summer air quality rules. Congress had earlier mandated that the reserve, which was created in the aftermath of Superstorm Sandy, be shut down, which prompted the sale.

The New York Times: Biden Administration Will Release 1 Million Barrels of Gasoline
[Zach Montague, 5/21/24]

The Biden administration announced on Tuesday that it would sell off one million barrels of gasoline over the coming weeks from a strategic reserve in the Northeast, a move it said was designed to keep gasoline prices in check for consumers ahead of the July 4 holiday.

[…] “This builds on other actions by President Biden to lower gas and energy costs — including historic releases from the Strategic Petroleum Reserve and the largest-ever investment in clean energy,” Karine Jean-Pierre, the White House press secretary, said in a statement.

CBS News: Biden taps Northeast gas reserve in move to curb prices at the pump
[Alain Sherter, 5/21/24]

The Biden administration said Tuesday it will release 1 million barrels of gasoline from a Northeast reserve in a move to ease prices at the pump for motorists.

The Energy Department said the sale was timed to provide relief as the summer driving season begins.

FOX 29 (Philadelphia, PA): Biden releasing 1M [gasoline] barrels to combat summer gas prices
[Chris Williams, 5/21/24]

In an effort to lower gas prices as summer travel looms, the Biden administration said Tuesday that it is releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy.

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. The move is intended to help “lower costs for American families and consumers,″ the department said in a statement.

6 ABC (Philadelphia, PA): Biden releasing 1M barrels of gasoline from Northeast Reserve in bid to lower prices at pump
[5/22/24]

VIDEO: “Drivers may notice a drop in gas prices heading into the summer travel season. The Biden Administration announced it’s releasing a million barrels of gasoline from a Northeast reserve.”

News Center Maine: Biden releases Northeast gasoline reserves in bid to lower gas prices
[5/21/24]

VIDEO: “The Administration also announced today that it is releasing 1 million barrels of gasoline from reserves in the Northeast in an effort to lower prices at the pump this summer.”

Car and Driver: Biden Releasing a Million Barrels of Gasoline ahead of Summer Holidays
[Jack Fitzgerald, 5/21/24]

The Biden administration said Tuesday it is releasing nearly one million barrels of gasoline in an effort to curb stubbornly high gas prices before the summer holidays. The sale, totaling 998,824 barrels, comes from the Northeast Gasoline Supply Reserve (NGSR), which was created to service the northeastern United States following Superstorm Sandy.

[…] According to the Department of Energy, the barrels come from storage sites in New Jersey and Maine and will be delivered to awarded retailers and terminals no later than June 30. The move is an attempt by the administration to “lower costs for American families and consumers,” while also following a congressional mandate to sell off the 10-year-old reserve.

Bloomberg: US Puts Its 1 Million-Barrel Gasoline Reserve Up for Sale
[Ari Natter, 5/21/24]

The Biden administration is putting its cache of 1 million barrels of gasoline on the market, after being ordered to liquidate the reserve by Congress.

[…] “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 Granholm said in a statement.

Reuters: US to close Northeast gasoline reserve with 1 million-barrel sale
[Timothy Gardner, 5/21/24]

Energy Secretary Jennifer Granholm said the Department of Energy had timed the sale to coincide with the runup to peak summer driving demand.

“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,” Granholm said in a release.

The Hill: Biden administration releases 1M barrels of reserve gasoline in effort to lower prices
[Rachel Frazin, 5/21/24]

The Biden administration is releasing about 1 million barrels of reserve gasoline supplies, framing the move as part of an effort to bring down prices at the pump in the Northeastern U.S.

In a statement on the announcement, Energy Secretary Jennifer Granholm said Tuesday described the effort as “strategically releasing this reserve in between Memorial Day and July 4th.”

iHeart: Biden Administration To Release 1M Barrels Of Gasoline To Help Ease Prices
[iHeartRadio, 5/21/24]

In an effort to reduce gasoline prices this summer, the Biden administration is releasing approximately one million barrels of reserve gasoline supplies. The gasoline will be released in 100,000-barrel increments from reserves in Maine and New Jersey created after Superstorm Sandy.

Energy Secretary Jennifer Granholm described the move as a strategic release between Memorial Day and July 4th to ensure sufficient supply for the tri-state and northeast regions during a period of high demand.

“The Biden-Harris Administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season,” Granholm stated.

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