A sign displays gas prices at a gas station on May 21, 2024 in Chicago, Illinois.
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The Biden administration’s move to sell 1 million barrels of gasoline from a reserve in the Northeast is unlikely to have a substantial effect on pump prices as summer driving season gets underway, according to market analysts.Â
The Department of Energy said Tuesday the sale would be timed to have a maximum impact on prices this summer with deliveries completed before the Fourth of July holiday.
But the barrels in the Northeast Gasoline Supply Reserve are equivalent to just 2.65 hours of total U.S. gasoline consumption and two or three days in the areas where the gas is stored, said Patrick De Haan, head of petroleum analysis at GasBuddy.
“It’s not going to be a huge needle mover,” De Haan said, though the sale could provide 5 cents to 10 cents of relief in the Northeast where…
