US Puts Its 1 Million-Barrel Gasoline Reserve Up for Sale
- Move is timed to help lower prices for summer driving season
- Retail gasoline prices are up about 15% so far this year
A customer refuels at a gas station in San Francisco.
Photographer: David Paul Morris/BloombergThis article is for subscribers only.
The Biden administration is putting its cache of 1 million barrels of gasoline on the market, after being ordered to liquidate the reserve by Congress.
The sale of the Northeast Gasoline Supply Reserve, equal to 42 million gallons, was announced Tuesday by the Energy Department, which said it was timed to help lower gasoline prices during the summer driving season. Gasoline futures hit a fresh session low of $2.4895 a gallon after the news.