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.
Featured Coverage of this Story
From the Left
Biden Administration Will Release 1 Million Barrels of Gasoline
The Biden administration announced on Tuesday that it would sell off one million barrels of gasoline over the coming weeks from a strategic reserve in the Northeast, a move it said was designed to keep gasoline prices in check for consumers ahead of the July 4 holiday.
The sale of the government-owned stock was mandated by Congress in the spending bill it passed in March, and will culminate in the closure of the reserve, which has facilities in the New York Harbor area and Maine. The gasoline will be allocated...
From the Center
US to close Northeast gasoline reserve with 1 million-barrel sale
President Joe Biden's administration will sell nearly 1 million barrels of gasoline in the U.S.-managed stockpile in northeastern states as required by law, the Department of Energy said on Tuesday, effectively closing the near decade-old reserve.
The department created the Northeast Gasoline Supply Reserve in 2014 after Superstorm Sandy left motorists scrambling for fuel. But storing refined fuel is costlier than storing crude oil, so closing the reserve was included in U.S funding legislation signed in March by Biden, a Democrat.
Bids are due on May 28 and the Treasury...
From the Right
Biden to sell off 1M barrels of gasoline held in reserve to keep prices low before election
The Biden administration announced Tuesday that it will sell off 1 million barrels of gasoline held in case of emergencies — with the Energy Department explicitly citing an interest in keeping gas prices low over the summer driving season ahead of the November election.
The fuel will be released from the Northeast Gasoline Supply Reserve, a component of the Strategic Petroleum Reserve that was established in 2014 after Superstorm Sandy disrupted gasoline supplies in the New York City area.
“The Biden-Harris Administration is laser-focused on lowering prices at the pump for...
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