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US Puts 1m Bbl Gasoline Reserve Up for Sale

OIL PRODUCTS

The Biden administration is putting its cache of 1m bbl of gasoline on the market, after being ordered to liquidate the reserve by congress.

  • The sale of the Northeast Gasoline Supply Reserve, equal to 42m gallons, was announced by the Energy Department May 21.
  • The Energy Department added that it was timed to help supress gasoline prices during summer driving season.
  • Congress ordered the sale of the reserve in a government funding that became law in March.
  • The fuel will be transferred or delivered no later than June 30.
  • The cache was created in 2014 but has never been used.
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