DOE to Sell 1 Million Barrels of Gasoline to Ease Summer Fuel Prices

Staff report

WASHINGTON, D.C. – The U.S. Department of Energy (DOE) announced Tuesday a strategic sale of 1 million barrels (42 million gallons) of gasoline from the Northeast Gasoline Supply Reserve (NGSR) aimed at reducing fuel prices as the summer driving season begins.

“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,” said U.S. Secretary of Energy Jennifer M. Granholm. “By strategically releasing this reserve between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most.”

The gasoline will be transferred or delivered to awarded entities, including retailers and terminals, by June 30, 2024, just in time for the July 4 holiday. The sale will include approximately 1 million barrels stored at Port Reading, NJ (900,000 barrels) and South Portland, ME (98,824 barrels). The fuel will be sold in quantities of 100,000 barrels to foster a competitive bidding process.

Bids for the solicitation are due by 11:00 a.m. Central Time on May 28, 2024. Revenues from the sale will be deposited into the Treasury. This initiative is expected to increase supply and lower costs for consumers during peak travel periods.

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