By Nicole Rosenthal, Patch Staff, May 22, 2024
NEW JERSEY — The Biden administration plans to sell one million barrels of gasoline from two reserves — including one in New Jersey — in order to lower gas prices for American motorists ahead of the summer, according to the U.S. Department of Energy.
New Jersey’s own Port Reading reserve will be supplying 900,000 barrels of fuel, with Maine’s South Portland reserve providing the additional 98,824 barrels. The gasoline sale is intended to create a bidding process that ensures fuel will be sold at competitive prices at local retailers ahead of the July 4 weekend.
“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,” U.S. Secretary of Energy Jennifer M. Granholm said in a statement. “By strategically releasing this reserve in 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.”
Bids for the sale are due by 11 a.m. Central Time on May 28. All revenues from the sale will be deposited to the U.S. Treasury. The fuel transferred or delivered on or before June 30, ensuring U.S. drivers have access to competitive prices at the pump.
If you liked this post, you’ll love our daily environmental newsletter, EnviroPolitics. It’s packed daily with the latest news, commentary, and legislative updates from New Jersey, Pennsylvania, New York, Delaware…and beyond. Please do not take our word for it, try it free for an entire month. No obligation.
