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Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4 - TL;DR CNBC

Biden to release 1 million barrels of gasoline to reduce prices at the pump ahead of July 4

Publishing timestamp: 2024-05-21 13:50:38


Summary

The Department of Energy plans to release 1 million barrels of gasoline from reserves in the Northeast to reduce prices at the pump ahead of the Fourth of July holiday and summer driving season. Gasoline futures have rallied 19% this year due to rising oil prices and fears of war in the Middle East. Retailers and terminals will receive the gasoline through a competitive bidding process to maximize impact on prices.


Sentiment: NEUTRAL

Tickers: @CL.1@NG.1@LCO.1

Keywords: ice brent crude (apr'23)breaking news: marketsoil and gaswti crude (mar'23)business newsmarketsnatural gas (mar'23)investment strategy

Source: https://www.cnbc.com/2024/05/21/biden-to-release-1-million-barrels-of-gasoline-to-reduce-prices-at-the-pump-ahead-of-july-4.html


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