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U.S. releases gasoline reserves to lower prices for consumers
The US government ordered the sale of gasoline reserves on Tuesday to lower prices at the pump ahead of the summer travel season in the United States and a few months before the presidential elections.
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The U.S. Department of Energy announced it will sell 1 million barrels of gasoline from its reserves in the Northeast, a move "strategically timed to maximize the impact on lowering prices as Americans hit the road," it said in a statement.
The move comes ahead of the long Memorial Day weekend, the unofficial start of summer and road-trip season in the United States.
"With Memorial Day around the corner and the summer driving season underway, the Biden-Harris Administration is taking action to address high gas prices by releasing 1 million barrels," said White House press secretary Karine Jean-Pierre.
Patrick De Haan, head of petroleum analysis at GasBuddy, said the release "should have a minor impact on national gas prices but could help put some downward pressure on prices in the Northeast."
He noted that 1 million barrels of gasoline is only about 2.7 hours of U.S. gasoline demand.
Phil Flynn of Price Futures Group called the timing of the release "interesting," coming "just ahead of the driving season and ahead of an election," in which President Joe Biden, a Democrat, is running for reelection.
Speaking outside a courthouse in Manhattan, New York, where he is on trial for allegedly falsifying business records to conceal a hush-money payment to a porn star in the run-up to the 2016 presidential campaign, former Republican President Donald Trump criticized the move, calling it a political stunt by Biden.
The Northeast gasoline reserve was created by President Barack Obama in 2014, in the wake of disruptions caused by Hurricane Sandy.
The sale of the gasoline was required by a budget deal passed earlier this year.
The move caused oil prices to weaken slightly in Tuesday trading.
See Also: Russia suspends ban on gasoline exports until June 30 (Portuguese version)
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