General Category > Energy

US to Sell Off Entire Northeast Gasoline Supply Reserve

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mystery-ak:
By Aleks Phillips
U.S. News Reporter


The sale of the Northeast Gasoline Supply Reserve is among the provisions intended to raise funds in one of six bills setting out appropriations for some federal departments this year after Congress narrowly avoided another shutdown last week.

Under a bill providing funding for the U.S. Department of Energy (DOE) for the fiscal year, a million barrels of the government's strategic reserve of petroleum would be sold off—the same amount as in the NGSR, which is located in New York Harbor, Boston, Massachusetts and South Portland, Maine.

"Upon the complete of such sale, the Secretary [of Energy] shall carry out the closure of the Northeast Gasoline Supply Reserve," the bill states, and "may not establish any new regional petroleum product reserve unless funding of the proposed regional petroleum product reserve is explicitly requested in advance in an annual budget."

The proceeds of the sale are to be deposited into the Treasury's general fund, and the proposed appropriations act provides stipulations for the sale of the oil and the use of the money generated by it.

more
https://www.newsweek.com/us-sell-northeast-gasoline-supply-reserve-1875538

Smokin Joe:
Hoping to glut supplies and drop prices for the election?

I predict this will have the opposite effect in the northeast, long term.

Winter isn't over, not by a longshot.

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