'Biden To Release 1 Million Barrels Of Gasoline To Reduce Prices At The Pump Ahead Of July 4' - CNBC
Portfolio Pulse from Benzinga Newsdesk
The Biden administration will release 1 million barrels of gasoline from reserves in the Northeast to reduce prices at the pump ahead of the July 4 holiday. The gasoline will be distributed in quantities of 100,000 barrels to ensure a competitive bidding process, with retailers and terminals receiving the supply by June 30.
May 21, 2024 | 5:20 pm
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NEUTRAL IMPACT
The release of gasoline reserves to reduce prices at the pump could have a mixed impact on the SPDR S&P 500 ETF (SPY), as lower gasoline prices may boost consumer spending but could also affect energy sector stocks.
While lower gasoline prices may increase consumer spending, benefiting the broader market, the energy sector within the S&P 500 could be negatively impacted, leading to a mixed effect on SPY.
CONFIDENCE 70
IMPORTANCE 50
RELEVANCE 50
NEGATIVE IMPACT
The release of 1 million barrels of gasoline from reserves is likely to put downward pressure on oil prices, impacting the United States Oil Fund (USO).
The release of gasoline reserves is intended to reduce prices at the pump, which could lead to a decrease in oil prices. This would negatively impact the United States Oil Fund (USO) in the short term.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80