Critics Question Wisdom Of Shutting Down Northeast Gasoline Reserve

WASHINGTON (AP) – The Biden administration’s decision to sell off and close the Northeast Gasoline Supply Reserve (NGSR) has drawn criticism from some who question the wisdom of leaving the region defenseless against potential environmental catastrophes or shocks.

The move, included in a March spending bill, is seen by others as a short-term attempt to lower gas prices ahead of the summer driving season.

The NGSR was created in 2014 after Superstorm Sandy left motorists scrambling for fuel. However, storing refined fuel is costlier than storing crude oil leading Congress to include the reserve’s closure in the funding legislation signed by President Joe Biden.

Some analysts argue that the proceeds from the reserve liquidation, roughly $125 million gross, would only fund about 15 minutes of U.S. government spending while leaving the northeast without a gasoline stockpile for unexpected events.

Trump currently leads Biden by 13 percentage points in the betting market, the largest difference since mid-March, and political event prediction website PredictIt places higher betting odds on Trump than Biden for the first time since March.