The U.S. Department of Energy is offering nearly 1 MMbbl of gasoline from its Northeast Gasoline Supply Reserve (NGSR) in a sale that seeks to lower pump prices as Americans prepare for summer driving season, the highest fuel demand period of the year.
Bids are due no later than 11:00 am CT on May 28. Of the total, 900 Mbbl will be available at Port Reading, N.J. and 99 Mbbl at South Portland, ME. The volumes will be allocated in quantities of 100 Mbbls. Gasoline prices averaged $3.615/gal on May 23, from $3.543/gal a year ago, according to AAA, just days before Memorial Day holiday, the unofficial start to summer that often accompanies massive travel.
The reserve was created in 2014 in the aftermath of Super Storm Sandy which made landfall two years before along the northeast heavily damaging two refineries and leaving more than 40 terminals in New York Harbor closed due to water damage and loss of power.
Comments
Stategic easing for those of you who already vote D and have electric vehicles. But it's summer and we at the White House want you to enjoy the summer. Your Boats, Cars, Jetskis and all associated Needs when you will be having a little Me Time. All of Congress enjoying their time at Martha's Vin is farcical to say the least.
Shoving Alt Enery down our throats is not a good way to creat a new industry. Making the "shovers" life nice in the summer is not obvious to many folks in the media business.