Biden Admin Sells Gasoline Reserve for July 4th

The Biden Administration has sold 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve (NGSR) to lower gas prices ahead of the July 4th holiday. This move, announced by the Department of Energy (DOE), awarded contracts to five energy companies, including BP and Vitol, with each barrel priced at $2.34 per gallon. The sale targets states such as New York, Pennsylvania, and Massachusetts, aiming to mitigate gas price hikes as summer travel peaks. Despite recent price drops, the administration's actions are part of broader efforts to combat inflation. This release further depletes the Strategic Petroleum Reserve, which is now at its lowest level in 40 years. White House officials have indicated that restocking the reserve is not a current priority.