The sale of the gasoline is intended to bring down consumer prices.
The U.S. Department of Energy’s Office of Petroleum Reserves announced that 1 million barrels of gasoline would be put up for sale from the Northeast Gasoline Supply Reserve. The intent of the sale is to reduce the cost of fuel at filling stations as the summer travel season gets underway.
Energy Secretary Jennifer Granholm said, “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.”
Congress authorized a sell-off from the 10-year-old Northeast reserve in March as part of the Consolidated Appropriations Act. The reserve was created in Maine and New Jersey after Superstorm Sandy.
As the Lord Leads, Pray with Us…
- For discernment for U.S. energy officials as they manage the nation’s reserves of fuel.
- For members of Congress who authorize the liquidation of millions of barrels of gasoline.
Sources: AP News, Department of Energy
