WASHINGTON (dpa-AFX) - The U.S. Department of Energy's Office of Petroleum Reserves has announced that contracts have been awarded for the sale and liquidation of 1 million barrels of gasoline in the Northeast Gasoline Supply Reserve (NGSR). This represent a fully subscribed solicitation following the Request for Proposal that was announced on May 21.
The 1 million barrels, or 42 million gallons of oil are being sold to five companies at an average price of $2.34 per gallon to help lower gas prices as Americans hit the road for Summer driving season, DOE said.
The contracts were awarded to BP (500,000 barrels), George E. Warren, LLC (100,000 barrels), Vitol (200,000 barrels), Freepoint Commodities ( 100,000 barrels) and Irving Oil (98,824 barrels).
'The Biden-Harris Administration continues to take strategic action to lower prices for American consumers in every aspect of their lives- especially as summer driving season ramps up,' said U.S. Secretary of Energy Jennifer M. Granholm.
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