On Tuesday the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced release of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve (NGSR).
Said the dept:
- strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer
- ahead of the July 4 holiday
- to “lower costs for American families and consumers″
The sale will be allocated in increments of 100,000 barrels at a time.The US Congress has mandated selling off the 10-year-old Northeast reserve and then close it.
