Biden Admin Sells 1 Million Barrels Of Gasoline Ahead Of July 4th Holiday, But…

Authored by Andrew Moran via The Epoch Times,

The federal government completed the sale of 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve (NGSR), the White House said in a statement shared with The Epoch Times on Tuesday.

Last month, the government announced it would release 42 million gallons of gas from storage facilities in Maine and New Jersey to help lower pump prices heading into the typically busy summer driving season.

After receiving 19 proposals from five companies since May 21, the federal government awarded contracts to all the firms: BP (500,000 barrels), Vitol (200,000 barrels), Freepoint Commodities (100,000 barrels), George E. Warren (100,000 barrels), and Irving Oil (98,824 barrels).

Gas reserves were sold at an average $2.34 per gallon.

Senior administration officials touted the news as another victory for the federal government’s inflation-fighting efforts.

“The Biden-Harris Administration continues to take strategic action to lower prices for American consumers in every aspect of their lives—especially as summer driving season ramps up,” said Energy Secretary Jennifer Granholm.

“By releasing this reserve ahead of July 4th, we are ensuring sufficient supply flows to the northeast at a time hardworking Americans need it the most.”

But while gasoline prices have not rocketed this summer, the White House is trying to build on the plethora of measures to reduce energy costs, says National Economic Advisor Lael Brainard.

“Gas prices have come down nearly 20 cents in the last two months, but we know there is more to do,” said Ms. Brainard.

“This release will help lower prices at the pump, building on other actions by President Biden, including historic releases from the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy.”

[ZH: Yeah Ms. Brainard, but prices are surging again now.]