U.S. Energy Secretary Jennifer Granholm announced Tuesday that the Biden administration has ordered the release of approximately 1 million barrels of gasoline from the nation’s reserves to lower pump prices in the Northeastern United States.
The release will occur in 100,000-barrel increments, aimed at easing fuel costs between Memorial Day and July 4. The gasoline is expected to reach local retailers ahead of the Fourth of July holiday, providing relief to consumers at a critical time.
"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," the Department of Energy wrote in a statement.
Why It Matters: Gasoline prices typically rise during the summer months due to increased demand as Americans travel more for vacations and other activities. This seasonal surge is a result of higher consumption rates, which naturally drives up prices. Warm weather and school holidays encourage road trips, causing a noticeable uptick in fuel usage across the country.
Notably, gasoline prices are a ...Full story available on Benzinga.com
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