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U.S. Department of Energy to Release 1 Million Barrels of Gasoline from Reserves
Posted on 5/21/24 at 8:16 pm
Posted on 5/21/24 at 8:16 pm
quote:
The U.S. Department of Energy (DOE) has announced the sale of 1 million barrels (42 million gallons) of gasoline from the Northeast Gasoline Supply Reserve (NGSR) aimed at alleviating gasoline prices as Americans gear up for the summer driving season and ahead of U.S. elections this fall.
"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," said U.S. Secretary of Energy Jennifer M. Granholm. By releasing this reserve between Memorial Day and July 4th, the administration aims to ensure a steady fuel supply in the Northeast during a peak travel period.
The gasoline will be sold in increments of 100,000 barrels to encourage competitive bidding among retailers and terminal operators. The DOE has designated storage sites in Port Reading, NJ (900,000 barrels), and South Portland, ME (98,824 barrels) for this release. Successful bidders will receive their allocations by June 30, 2024, ensuring ample supply ahead of the July 4th holiday.
Bids are due by 11:00 a.m. Central Time on May 28, 2024, with revenues from the sale directed to the U.S. Treasury. This initiative is part of a broader strategy to manage the country's petroleum reserves effectively and ensure energy security. By introducing nearly 1 million barrels of gasoline into the commercial market, the DOE hopes to stabilize prices and provide relief to consumers.
The Department of Energy established in 2014 the Northeast Gasoline Supply Reserve (NGSR)—the first federal, regional, refined petroleum product reserve containing gasoline—following the 2012 Superstorm Sandy in the northeastern United States.
The NGSR holds one million barrels of gasoline, including 700,000 barrels located in the New York Harbor area, 200,000 barrels in the Boston area, and 100,000 barrels in South Portland, Maine.
LINK
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This post was edited on 5/21/24 at 8:17 pm
Posted on 5/21/24 at 8:18 pm to ragincajun03
We knew it would happen. Elections happen.
Posted on 5/21/24 at 8:19 pm to ragincajun03
It’ll be funny if it doesn’t move the needle
Posted on 5/21/24 at 8:21 pm to ragincajun03
Maybe a silly question but how is long term storage of gas accomplished? Is it under constant rotation or is the shelf life longer prior to the additive packages getting blended at the truck rack?
Posted on 5/21/24 at 8:21 pm to ragincajun03
Sounds like a national crisis that it was intended for. fricking clown
Posted on 5/21/24 at 8:22 pm to ragincajun03
He’s not even aware of what day it is until someone tells him.
Posted on 5/21/24 at 8:23 pm to ragincajun03
With 10% going to Biden’s Chinese puppet masters like last time.
Posted on 5/21/24 at 8:25 pm to ragincajun03
This is so fricking dumb. We are in upside down world.
Posted on 5/21/24 at 8:26 pm to ragincajun03
It's $3/gallon. That's not an emergency. That's pretty disgusting actually to manipulate elections.
Posted on 5/21/24 at 8:27 pm to North Dallas Tiger
Man I love that movie.
Posted on 5/21/24 at 8:27 pm to ragincajun03
Has the potato replaced what he released the last two times he did this?
Posted on 5/21/24 at 8:28 pm to Boston911
It won’t move the needle…. We should NEVER pay more than $2 a gallon for gas anyway.. I fear in 20 years when supply runs out.
Posted on 5/21/24 at 8:28 pm to ragincajun03
How does this do anything when there are production platforms in the gulf producing 1 million barrels a day???
Posted on 5/21/24 at 8:29 pm to Obtuse1
quote:
Maybe a silly question but how is long term storage of gas accomplished? Is it under constant rotation or is the shelf life longer prior to the additive packages getting blended at the truck rack?
Those are actually legit questions. Does there need to be periodic releases in order to keep the product from going bad?
If that's the case, then the releasing itself isn't a big deal and is smart not to allow gasoline to go to waste. However, if that is the case, then those clowns need to be called out by someone like API for trying to claim that this is something they're doing to help the American people with gasoline prices.
Posted on 5/21/24 at 8:31 pm to ragincajun03
These people would rather destroy the country than give up power.
Posted on 5/21/24 at 8:33 pm to Obtuse1
My guess is it’s rotated, the article states they are releasing 1 million barrels and at the last paragraph it says the entire reserve is 1 million barrels, just a government bribing it’s citizens.
Posted on 5/21/24 at 8:40 pm to ragincajun03
I thought they wanted us to drive electric vehicles.
Posted on 5/21/24 at 8:40 pm to ragincajun03
So how do the liberal climate clowns take this news? Do y'all condemn Biden now? Or just remain being hypocrites….
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