Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
Biden releasing 1 million barrels of gasoline from Northeast reserve in bid to lower prices at pump
The Biden administration says it's releasing 1 million barrels of gasoline from a Northeast reserve established after Superstorm Sandy in a bid to lower prices at the pump this summer.
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From the Bloomberg article I read on this, 1 million barrels is a blip and won't meaningfully impact prices. The east coast consumes 3 million barrels PER DAY in the month of June.
Also, this action was mandated to happen by congress in a funding bill from March, mostly because the cost of maintaining gasoline reserves is much higher ($13/barrel/yr) than maintaining crude oil reserves ($0.30/barrel/yr).
Why is gasoline so much(!) more expensive to store?
It's really volatile and prone to evaporate
That does not make sense in a big storage tank.
Shelf life is short
Hm, that makes some sense. But rotating the fuel every 6 months or so causing that much cost is crazy. For that kind of money it could be actual barrels and I pump them around by hand.