ICYMI – US to release 1 mn barrels of gasoline from reserve

On Tuesday the U.S. Department of Energy’s (DOE) Office of Petroleum Reserves announced release of 1 million barrels (42 million gallons) of gasoline in the Northeast Gasoline Supply Reserve (NGSR).

Said the dept:

• 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
• ahead of the July 4 holiday
• to “lower costs for American families and consumers″

The sale will be allocated in increments of 100,000 barrels at a time.The US Congress has mandated selling off the 10-year-old Northeast reserve and then close it.

This article was written by Eamonn Sheridan at www.forexlive.com.