By Ben Lefebvre
As the summer driving season nears, the Energy Department said it was making the move now “to maximize its impact on gasoline prices.”
The Biden administration announced Tuesday it would release 42 million gallons of gasoline from the strategic fuel reserve into the Northeast markets to help cool off retail fuel prices.
Congress had ordered the sale from the National Gasoline Supply Reserve as part of the 2024 budget law, 118-42, requiring the Energy Department to close down the reserve after selling its inventory. DOE said it will accept bids for the fuel through May 28, with the revenue going to the Treasury. The fuel is to be delivered from the reserve sites in New Jersey and Maine no later than June 30.
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