Biden's gasoline sale likely won't have a major impact on summer pump prices
Publishing timestamp: 2024-05-24 13:03:30
Summary
The Department of Energy plans to sell 1 million barrels of gasoline from the Northeast Gasoline Supply Reserve ahead of the Fourth of July to reduce prices at the pump. Market analysts believe the impact will be small overall, as gasoline prices have already been trending lower. The sale is unlikely to have a substantial effect on pump prices as the summer driving season begins, but the wildcard of hurricane season could potentially drive prices higher at the end of the summer.
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Keywords: breaking news: markets, wti crude (mar'23), investment strategy, ice brent crude (apr'23), natural gas (mar'23), business news, markets, oil and gas,
Source: https://www.cnbc.com/2024/05/24/biden-gasoline-sale-wont-impact-pump-prices.html