• Latest
  • Trending
  • All
  • News
  • Business
  • Lifestyle
Biden Admin Contracts 1,000,000 Barrels From Emergency Gasoline Stockpile To ‘Lower Prices’ Ahead Of July 4th

Biden Admin Contracts 1,000,000 Barrels From Emergency Gasoline Stockpile To ‘Lower Prices’ Ahead Of July 4th

July 3, 2024
EXCLUSIVE: Trump’s Energy Agenda Can Help US Beat China In Crucial Tech Race, Oil Industry Leader Says

EXCLUSIVE: Trump’s Energy Agenda Can Help US Beat China In Crucial Tech Race, Oil Industry Leader Says

July 14, 2025
Lefty Groups Biden Showered In Taxpayer Cash Coaching Illegals To Evade ICE

Lefty Groups Biden Showered In Taxpayer Cash Coaching Illegals To Evade ICE

July 14, 2025
Senate Confirms Trump’s First Judicial Pick To Replace Obama Appointee

Senate Confirms Trump’s First Judicial Pick To Replace Obama Appointee

July 14, 2025
‘Am I Going To Lose My F***ing Rights?’: Shawn Ryan Tells Newsom How Gun Laws Can Hurt Combat Vets

‘Am I Going To Lose My F***ing Rights?’: Shawn Ryan Tells Newsom How Gun Laws Can Hurt Combat Vets

July 14, 2025
‘In It To Win It’: Andrew Cuomo To Stay In NYC Mayor Race Despite Primary Defeat

‘In It To Win It’: Andrew Cuomo To Stay In NYC Mayor Race Despite Primary Defeat

July 14, 2025
Mike Johnson Tells Senate To Think Twice Before Weakening $9.4 Billion Rescissions Package

Mike Johnson Tells Senate To Think Twice Before Weakening $9.4 Billion Rescissions Package

July 14, 2025
DOJ Fires 20 Employees Who Worked With Jack Smith On Trump Prosecutions

DOJ Fires 20 Employees Who Worked With Jack Smith On Trump Prosecutions

July 14, 2025
Liberals Marked Anniversary Of Trump Shooting By Pushing Wild Conspiracies On Their Favorite Platform

Liberals Marked Anniversary Of Trump Shooting By Pushing Wild Conspiracies On Their Favorite Platform

July 14, 2025
Supreme Court Lets Trump Admin Move Forward With Slashing Education Department Staff

Supreme Court Lets Trump Admin Move Forward With Slashing Education Department Staff

July 14, 2025
‘It’s Madness!’: Mark Halperin Slams NYT For Leaving Out Key Voices In Biden Autopen Story

‘It’s Madness!’: Mark Halperin Slams NYT For Leaving Out Key Voices In Biden Autopen Story

July 14, 2025
Pro-Democrat Group Raising Cash To Stalk ICE  As Violence Against Agents Skyrockets

Pro-Democrat Group Raising Cash To Stalk ICE As Violence Against Agents Skyrockets

July 14, 2025
Corporate Media Network Completely Omits Key Detail About ICE Marijuana Farm Raid

Corporate Media Network Completely Omits Key Detail About ICE Marijuana Farm Raid

July 14, 2025
  • Donald Trump
  • State of the Union
  • Elon Musk
  • Tariffs
  • Congress
  • Faith
  • Immigration
Monday, July 14, 2025
  • Login
IJR
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls
No Result
View All Result
IJR
No Result
View All Result
Home News

Biden Admin Contracts 1,000,000 Barrels From Emergency Gasoline Stockpile To ‘Lower Prices’ Ahead Of July 4th

by Daily Caller News Foundation
July 3, 2024 at 2:18 am
in News, Wire
235 17
0
Biden Admin Contracts 1,000,000 Barrels From Emergency Gasoline Stockpile To ‘Lower Prices’ Ahead Of July 4th
491
SHARES
1.4k
VIEWS
Share on FacebookShare on Twitter

Daily Caller News Foundation

The Biden administration is selling off a million barrels of gasoline from an emergency reserve in a deliberate effort to cut prices ahead of the upcoming holiday weekend.

The Department of Energy (DOE) announced that it has awarded contracts to five energy companies to purchase the barrels the administration is releasing from the Northeast Gasoline Supply Reserve (NGSR), which is part of the federal Strategic Petroleum Reserve (SPR) system. The NGSR releases are intended to “help lower gas prices ahead of the Fourth of July holiday,” according to DOE.

“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,” Energy Secretary Jennifer Granholm said of the contracts. “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.”

Biden Could Dip Into Already-Depleted Oil Stockpile Again As Election Loomshttps://t.co/PIT2n3XG5o

— Daily Caller (@DailyCaller) June 18, 2024

In total, five companies submitted 19 proposals to the agency after it announced its intent to authorize NGSR releases, and each of the five companies ultimately received contracts, according to DOE. The agency is selling the barrels at an average price of $2.34 per gallon.

“Congress, via the 2024 Consolidated Appropriations Act, required the full sale and closure of this reserve,” a DOE spokesperson told the Daily Caller News Foundation.

The releases are intended to alleviate price pressure in Maine, New Hampshire, Vermont, Massachusetts, Connecticut, Rhode Island, New York, New Jersey and Pennsylvania, according to the DOE. Of all of those states, New Hampshire’s $3.38 currently has the lowest average per-gallon gas price, according to AAA data.

The Biden administration has dipped into energy reserves before in order to address short-term concerns about gas prices. In 2021 and 2022, as elevated gas prices threatened to cause political problems for President Joe Biden and fellow Democrats ahead of midterm elections, the administration authorized the release of about 180 million barrels of oil onto the open market, several million of which were purchased by Chinese entities.

The SPR is now around its lowest levels in approximately 40 years, according to U.S. Energy Information Administration data. The DOE has subsequently made efforts to refill the reserve, though oil prices have sometimes exceeded the administration’s target price for restock purchases.

Featured Image Credit: Flickr/Mike Mozart

All content created by the Daily Caller News Foundation, an independent and nonpartisan newswire service, is available without charge to any legitimate news publisher that can provide a large audience. All republished articles must include our logo, our reporter’s byline and their DCNF affiliation. For any questions about our guidelines or partnering with us, please contact licensing@dailycallernewsfoundation.org.

Tags: DCNFU.S. NewsUS
Share196Tweet123
Daily Caller News Foundation

Daily Caller News Foundation

Advertisements

Top Stories June 10th
Top Stories June 7th
Top Stories June 6th
Top Stories June 3rd
Top Stories May 30th
Top Stories May 29th
Top Stories May 24th
Top Stories May 23rd
Top Stories May 21st
Top Stories May 17th

Join Over 6M Subscribers

We’re organizing an online community to elevate trusted voices on all sides so that you can be fully informed.





IJR

    Copyright © 2024 IJR

Trusted Voices On All Sides

  • About Us
  • GDPR Privacy Policy
  • Terms of Service
  • Editorial Standards & Corrections Policy
  • Subscribe to IJR

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Politics
  • US News
  • Commentary
  • World News
  • Faith
  • Latest Polls

    Copyright © 2024 IJR

Top Stories June 10th Top Stories June 7th Top Stories June 6th Top Stories June 3rd Top Stories May 30th Top Stories May 29th Top Stories May 24th Top Stories May 23rd Top Stories May 21st Top Stories May 17th