FILE - President Joe Biden speaks during a Jewish American Heritage Month event, May 20, 2024, in the Rose Garden of the White House in Washington. The Biden administration says it’s 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. (AP Photo/Jacquelyn Martin, File)
FILE - Energy Secretary Jennifer Granholm testifies before the House Committee on Energy and Commerce Subcommittee on Energy, Climate, and Grid Security for a hearing on Capitol Hill in Washington, May 1, 2024, on the 2025 Energy Department budget. The Biden administration says it’s 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. (AP Photo/Susan Walsh, File)
WASHINGTON (AP) — 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 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, 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.
The Energy Department said the sale of 1 million barrels, about 42 million gallons, was timed to provide relief for motorists as the summer driving season begins.