Biden to sell off 1 million barrels from US gasoline reserves in desperate attempt to lower gas prices

The nearly 42 million gallons of fuel is expected to be delivered to the respective buyers by June 30, and then distributed to local retailers just before the 4th of July holiday.

According to the Department of Energy's Office of Petroleum Reserves, 998,824 barrels of gasoline will be released from the reserve, which was set up in the wake of Hurricane Sandy. The bulk of that, 900,000 barrels, will come from a storage site in Port Reading, New Jersey, while the remainder will come from one in South Portland, Maine.

Bids from prospective buyers are due by May 28. They will be allowed to purchase 100,000 barrels apiece.

"The Biden-Harris Administration is laser focused on lowering prices at the pump for American families, especially as drivers hit the road for summer driving season," Department of Energy Secretary Jennifer Granholm said in a statement. "By strategically releasing this reserve in between Memorial Day and July 4th, we are ensuring sufficient supply flows to the tri-state and northeast at a time hardworking Americans need it the most."

According to the American Automobile Association, the average gas price across the nation is currently $3.61 per gallon. In California, drivers are paying north of $5 per gallon, while in New Mexico, the price sits at $3.30 per gallon.

Since Joe Biden was elected in November 2020, gas prices have risen dramatically. Data from the US Energy Information Administration shows that when he was sworn into office in January 2021, the national average was just $2.42 per gallon. In 2022 and 2023, it jumped to $3.41 and $3.44, respectively. He previously depleated the US Strategic Oil Reserves in an effort to lower prices.