The Biden administration on Tuesday announced the sale of 1 million barrels of gasoline from a strategic stockpile in an effort to lower costs for Americans ahead of the Fourth of July holiday.

According to the American Automobile Association, a record 71 million Americans are set to travel over the July Fourth holiday weekend, 5% more than in 2023 and 8% more than 2019.

Per AAA, the majority of travelers (85%) will get to their destinations by car, and most Americans will see lower gas prices than a year ago. The average price of a gallon of gas sits at $3.49, per AAA, down from $3.53 last year. Per AAA’s analysis from last month, prices are expected to decline in the run up to Independence Day and will level off following the holiday and remain stable through Labor Day.

As part of efforts to lower costs for Americans ahead of the holiday, President Joe Biden’s administration announced the sale of 1 million barrels — or 42 million gallons — of gasoline at an average of $2.34 per gallon.

“Gas prices have come down nearly 20 cents in the last two months, but we know there is more to do,” said Lael Brainard, Director of the National Economic Council, in a statement. “This release will help lower prices at the pump, building on other actions by President Biden, including historic releases from the Strategic Petroleum Reserve, record energy production, and the largest-ever investment in clean energy.

“While Congressional Republicans haven’t offered a single proposal to lower costs, President Biden is fighting every day for hardworking families like the ones he grew up with in Scranton,” she added.

The gasoline will be released from the Northeast Gasoline Supply Reserve, a U.S.-managed stockpile established in the aftermath of 2012’s Superstorm Sandy, which damaged oil refineries in the region and impacted gas supply in several states.

It’s separate from the Strategic Petroleum Reserve, the world’s largest supply of emergency crude oil. Biden sold 180 million barrels from the reserve in 2022 in the aftermath of Russia’s invasion of Ukraine, which caused a surge in global oil prices. Biden faced criticism from Republicans for reducing the stockpile, but the administration began replenishing it when the price of crude oil dropped.

“The Biden-Harris Administration continues to take strategic action to lower prices for American consumers in every aspect of their lives — especially as summer driving season ramps up,” Energy Secretary Jennifer Granholm said in a separate statement.“By releasing this reserve ahead of July 4th, we are ensuring sufficient supply flows to the northeast at a time hardworking Americans need it the most.”