U.S. administration will release 1 billion barrels of gasoline from reserves in an effort to lower prices

The Joe Biden administration said it will release 1 million barrels of gasoline from the Northeast Reserve, created after Superstorm Sandy, in an effort to lower gasoline prices at gas stations this summer.

Sales from storage facilities in New Jersey and Maine will be made in batches of 100,000 barrels.

This approach will create a competitive bidding process to ensure that gasoline reaches local retailers by Independence Day on July 4 and is sold at competitive prices, the Energy Department said.

The move is intended to help “lower costs for American families and consumers,” the department said in a statement.

Gasoline prices averaged about $3.60 a gallon nationwide on Tuesday, up 6 cents from a year ago, according to the American Automobile Association.

The sale of gasoline stocks is one of the few actions the president can take on his own to try to control inflation, which in an election year is crucial for the party that controls the White House.