US to sell off strategic gasoline reserves in northeast

Pallade Veneta - US to sell off strategic gasoline reserves in northeast

NATURE 21.05.2024

US to sell off strategic gasoline reserves in northeast / Photo: JEFF KOWALSKY - AFP/File

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.

Change text size:

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.

S.Urciuoli--PV

US Buildings Threatened by Wildfires Could Triple by 2060

A new study published in Nature Communications projects that the number of buildings across the contiguous United States threatened by wildfires could almost triple by 2060. Researchers attribute this escalating risk to a combination of climate change, forest mismanagement, and continued development in fire-prone areas, warning that socioeconomically vulnerable communities face disproportionate dangers.

Researchers Warn 'Bookkeeping Trick' Masks Beef Industry's Methane Emissions

Two new analyses warn that a specialized accounting method known as GWP* enables major beef-producing countries to significantly understate their methane emissions. Researchers from Greenpeace and the University of California, Los Angeles, argue that this metric creates a misleading picture of climate progress, allowing nations to claim neutrality while actual warming continues.

Climate Change Intensified Atlantic Hurricanes, Study Finds

Human-caused climate change significantly intensified Atlantic hurricanes over the past five years, according to a new analysis by Climate Central. The study found that elevated sea surface temperatures increased maximum wind speeds for most storms between 2019 and 2023, as well as every recorded storm in the 2024 season.

UAE oil spill raises questions for desalination operations

An oil spill off the United Arab Emirates that has prompted temporary restrictions on fishing and on access to several beaches has raised concerns over the risk of environmental contamination and the potential impact on desalination plants. The spill is from a vessel that shipping sources have identified as crude oil tanker Gem No.