Joe Biden

Press Release - U.S. Department of Energy Announces Sale of Northeast Gasoline Supply Reserve as Americans Hit the Road for Summer Driving Season

May 21, 2024

WASHINGTON, D.C.— Today, the U.S. Department of Energy's (DOE) Office of Petroleum Reserves announced a?solicitation?for the sale and liquidation of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve (NGSR). This solicitation is strategically timed and structured to maximize its impact on gasoline prices, helping to lower prices at the pump as Americans hit the road this summer.

"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 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."

The awarded entities, likely made up of retailers and terminals, from this sale will have the fuel transferred or delivered no later than June 30, 2024, just in time for the July 4 holiday. In 2024, in accordance with the Consolidated Appropriations Act, DOE will sell close to 1 million barrels of gasoline from the following NGSR storage sites:

  • Port Reading, NJ (900,000 bbl)
  • South Portland, ME (98,824 bbl)

The volumes will be allocated in quantities of 100,000 barrels. This approach will ensure a competitive bidding process that both fuel retailers and terminal holders can participate in – ensuring this product can flow into local retailers ahead of the Fourth of July 4 holiday and that it will be sold at competitive prices, helping lower costs for American families and consumers.

Bids for the solicitation are due no later than 11:00 a.m. Central Time on May 28, 2024. ?Revenues from the sale will be deposited to the Treasury.

The sale of this Government controlled stock will release nearly 1 million barrels (42 million gallons) of gasoline blendstock into the commercial market for use at their discretion. Contracts resulting from this sale shall be subject to contract price adjustment as set forth in the Supplements and Amendments to the Standard Sales Provisions (SSP).

This Notice of Sale contains the terms and conditions of the sale and specific instructions for preparation and submittal of offers.

For more information on the NGSR please visit the NGSR website.

Joseph R. Biden, Press Release - U.S. Department of Energy Announces Sale of Northeast Gasoline Supply Reserve as Americans Hit the Road for Summer Driving Season Online by Gerhard Peters and John T. Woolley, The American Presidency Project https://www.presidency.ucsb.edu/node/372233

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