NEW YORK (Reuters) - The Trump administration is proposing to sell off in the coming fiscal year the entire gasoline reserve created in the aftermath of Hurricane Sandy, according to its budget proposal unveiled on Tuesday. The U.S. Northeast Gasoline Supply Reserve (NGSR) was established in 2014 to minimize the impact of sudden supply interruptions, such as occurred in 2012 during Sandy, the second-costliest hurricane in the country's history.
The blast at a concert hall in Manchester, which killed at least 22 people, prompted the US dollar to gain against sterling but failed to move gold higher. A stronger dollar makes bullion more expensive for holders of other currencies. The dollar had fallen sharply against a basket of currencies recently, but rose on Tuesday as some traders booked profits.
U.S. gasoline demand has been weaker than expected this year, but a growing economy and relatively cheap pump prices have the energy industry expecting record demand again this summer driving season, which should help drain the global oil glut.Gasoline demand in the first two months of 2017 was down 2.1 percent from a year ago, according to the U.S. Energy Information Administration.