Biden's gasoline sale likely won't have a major impact on summer pump prices

The Department of Energy will sell 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve ahead of Fourth of July.

But the barrels in the Northeast Gasoline Supply Reserve are equivalent to just 2.65 hours of total U.S. gasoline consumption and two or three days in the areas where the gas is stored, said Patrick de Haan, head of petroleum analysis at GasBuddy. When adjusting for inflation, pump prices are about 2% lower compared to last year, according to the Energy Information Administration.The gasoline sale announced by the Biden administration fulfills a mandate passed by Congress in March to close the Northeast Reserve this year.aftermath of Superstorm SandyBut the reserve cost taxpayers $200 million just to maintain while the gasoline in the stockpile is only worth about $103 million right now, de Haan said.

But de Haan said gasoline prices will likely edge lower through the Fourth of July holiday as refiners increase output, which should keep downward pressure on pump prices.

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