Headline RoundupMay 23rd, 2024

Biden Administration to Sell 1M Barrels of Gas to Lower Pump Prices

Summary from the AllSides News Team

The Biden administration plans to offload one million barrels of gasoline from Northeast reserves to reduce fuel prices for drivers.

The Details: The distribution is set to take place in increments of 100,000 barrels to guarantee a competitive bidding process from both retailers and terminals. The U.S. Department of Energy is expected to release gasoline from two reserves in New Jersey and Maine, intending to lower costs for consumers and ensure sufficient supply. This move is designed to drive down prices during the summer driving season, as the current gas prices are averaging about $3.598 per gallon, up slightly from $3.540 a year ago.

Key Quote: Energy Secretary Jennifer Granholm stated, “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.”

For Context: The decision to distribute fuel is strategically timed to potentially impact gasoline prices positively. This release is also motivated by a mandate by Congress to sell off and close the northeast reserves. 

How The Media Covered It: The New York Post (Lean Right bias) framed the decision strictly as a political maneuver, primarily including quotes from Republicans critical of Biden. The New York Times (Lean Left bias) emphasized that Biden is compelled by the congressional budget to close the reserve, while also noting that “the move is unlikely to have a significant impact on gasoline prices.” This summary was developed with the help of AllSides' AI technology.

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