Northeast Gasoline Supply Reserve Sell Off

Under the Consolidated Appropriations Act, 2024, H.Res.106, Sec. 308, Page 417, Congress will close the Northeast Gasoline Supply Reserve. The reserve was established after Super Storm Sandy in 2014 and the proceeds from the sale will go to the Treasury Department.

The existing reserve locations are in New York Harbor (Bayonne, NJ), New York, Boston, and Portland, ME.

To establish a new reserve the Secretary of the Energy Department will have to make the request in advance of the annual budget and answer the following:

(A) the justification for the new reserve;

(B) a cost estimate for the establishment, operation, and maintenance of the reserve, including funding sources;

(C) a detailed plan for operation of the reserve, including the conditions upon which the products may be released;

(D) the location of the reserve; and

(E) the estimate of the total inventory of the reserve.

One would think it would make sense to establish a new reserve before the sell-off of the current reserve but this is the 118th Congress, soooo..... 👀

Link to H.Res. 1061 :

https://www.congress.gov/bill/118th-congress/house-resolution/1061/text?s=2&r=1&q=%7B%22search%22%3A%22Northeast+Gasoline+Supply+Reserve%22%7D

Note: You will have to do a lot of scrolling to get to Sec. 308. If you choose to download the PDF it begins on Page 417.