The Biden administration announced it's tapping into oil reserves to release one million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in an effort to reduce prices at the pump this summer.
The sale, from storage sites in New Jersey and Maine, will be allocated in increments of 100,000 barrels at a time, according to The Associated Press.
The method will create a competitive bidding process that guarantees gasoline can flow into local retailers ahead of the July 4 holiday and be sold at moderate prices, said the Department of Energy.
The department disclosed the move is intended to "lower costs for American families and consumers and follows a mandate from Congress to sell off the 10-year-old Northeast Reserve and then close it.
"The Biden-Harris administration is laser-focused on lowering prices at the pump for American families, especially as drivers hit the road for the summer driving season," 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," Secretary Granholm added.
Biden considerably drained the Strategic Petroleum Reserve in 2022 following Russia's invasion of Ukraine, bringing the stockpile to its lowest level since the 1980s.
While it helped stabilize gasoline prices that had been rising in the wake of the war in Europe, it drew much criticism from Republicans, who saw the action as playing politics with a reserve meant for national emergencies.
Since then, the Biden administration has begun refilling the oil reserve, which reportedly had more than 367 million barrels of crude oil as of last week, reported AP.
The Northeast sale will require that fuel be transferred or delivered no later than June 30.
