The U.S. administration will release 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve to reduce pump prices ahead of the busy summer driving season, according to a statement sent by the White House.
Supplies will be released in 100,000-barrel quantities to facilitate a competitive bidding initiative to help curb gas prices, the Department of Energy confirmed. Gasoline will be sold from storage facilities in Maine and New Jersey, and retailers and terminals will receive the gas no later than June 3.
The Department of Energy noted that retailers and terminals will receive the 42 million gallons of gasoline no later than June 3….
