- Pakistan top court amends religious freedom ruling after protests
- Stocks sputter ahead of Fed chief's speech
- Nepal lifts ban on video-sharing platform TikTok
- Bangladesh revokes diplomatic passport of ex-PM Hasina
- O'Connor romps to Vuelta win, takes significant lead
- Indonesia scraps plan to change election rules after protests
- Brook steadies England after Asitha Fernando strikes for Sri Lanka
- Hamilton backs Grand Prix in Africa amid Rwanda talks
- Truce hopes fade as Gaza rocked by Israeli bombardment, battles
- Mpox vaccine maker says 'better prepared' than in 2022
- Dyche fears Everton could have just 14 first-team players for Spurs trip
- Canada rail freight shut down threatens to disrupt economy
- Harris to take star turn at Democratic convention
- US existing home sales rise in July, ending downward trend
- Unbeaten Verstappen eyes 'very close' Dutch Grand Prix
- Protests as rebuilt tower opens at German church with Nazi links
- A divide opens in Ukraine over giving up land for peace
- Hammers boss Lopetegui will be glad to see transfer window shut
- Leverkusen coach Alonso says Bayern 'favourites' in Bundesliga
- Cannon-Brookes: Australia's billionaire climate warrior
- War cook: Ukrainian soldier-influencer's winning recipe
- Cosplay and queues at Germany gamers gathering
- Verstappen eyes 'very close' Dutch Grand Prix
- Play resumes on second day of England-Sri Lanka first Test
- Taiwan sentences eight soldiers for spying for China
- PSG coach Luis Enrique plays down prospect of more new signings
- Key Indian hospital ends strike but doctor rape protests rage
- Key Indian hospital ends stike but doctor rape protests rage
- Djokovic targets Slam record at US Open, Sinner under cloud
- Ceasefire hopes fade as Gaza fighting rages
- Indonesians protesting election law changes clash with police
- Hurzeler backs record-signing Rutter to be a 'big, big' player at Brighton
- Stock markets buoyed by US rate cut hopes
- England to host Zimbabwe in 2025, Lord's to stage first women's Test in 2026
- India's Modi urges peace ahead of Ukraine visit
- 'Let us choose joy!' Oprah Winfrey urges US voters
- Sicily divers seek final shipwreck missing after Lynch's body found
- Israeli police say 4 arrested in settler attack on Palestinians
- Rain delays second day of England-Sri Lanka first Test
- War cook: Ukrainian soldier-influencer with fans on both sides
- Kenya police offer reward for escaped serial killer suspect
- S. Korean drill to prepare for attack met with confusion
- French court dismisses appeal in Agent Orange case
- War-battered Gaza faces uphill battle against polio
- Floods swamp Bangladesh as nation finds its feet after protests
- Asia tracks Wall St. rally after US jobs data, Fed minutes
- Climate change a mixed blessing for sun-starved Irish vintners
- Far-right firebrand Hoecke draws crowds in eastern Germany
- Skiing in a Madrid shopping centre when it's 34C outside
- Exclusive luxury and unforgettable moments: The Hotel Le Méridien Beach Plaza in Monaco
US to sell off strategic gasoline reserves in northeast
The US Department of Energy announced Tuesday that it will sell off a million barrels of gasoline from a small strategic reserve in the northeast, paving the way for its closure.
The administration of President Joe Biden painted the move as one that would lower gas prices ahead of the summer season, when millions of Americans travel the country by car.
"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," US Energy Secretary Jennifer Granholm said in a statement.
Speaking outside a Manhattan courtroom, Donald Trump -- who is on trial for allegedly covering up hush money paid to a porn star in 2016 to hide an illicit encounter -- denounced the move as a political ploy by Biden to shore up votes ahead of November's presidential election.
However, the release of a million barrels of gasoline from the Northeast Gasoline Supply Reserve (NGSR) is likely to have little real impact on prices, given the US consumed roughly nine million barrels of motor gasoline every day last year, on average, according to the US Energy Information Administration.
The sale of a million barrels of oil from the NGSR was required as part of a bill signed into law earlier this year to fund the Department of Energy for the 2024 fiscal year, which runs until September 30.
It requires the department to deposit the proceeds from the sale of the gasoline into the Treasury, and then to close the NGSR down.
The NGSR was set up by then-president Barack Obama in 2014 to try to avoid the sort of gasoline supply issues that arose after Hurricane Sandy swept through the northeast of the country in 2012.
But the reserve, which only holds a million barrels of gasoline, has never been used, and in 2022, the nonpartisan Government Accountability Office (GAO) criticized its exorbitant annual cost to maintain in comparison to other US crude oil reserves.
The NGSR is dwarfed in size by America's gargantuan Strategic Petroleum Reserve, which currently holds almost 370 million barrels of oil, according to recently published data from the Department of Energy.
L.Harper--AMWN