Showing posts from May 19, 2024

The release of 1 million barrels of gasoline may not make a dent in the energy prices

  With just six months to go before the presidential election in the fall, the Biden administration of the US appears to be taking the task of taming the inflation much more seriously than it did in the past few months. In this context, the announcement made by the DoE, Department of Energy, on May 21, Tuesday, does not come as a surprise: it announced that 1 million barrels of gasoline from the NGSR, Northeast Gasoline Supply Reserve, will be sold off in time for the peak travel period between the Memorial Day and July 4; gasoline will be sold in batches of 100, 000 barrels,  each.  “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,”  said  the US Energy Secretary Jennifer Granholm  in a statement. The announcement by the DoE, coincided with the latest US crude inventory data from the API, American Petroleum Institute; there was a signifi

Latest Energy News from EIA