The Biden administration is reportedly considering tapping the nation’s federal diesel reserve to help alleviate the growing energy shortage.
“The team has prepared emergency declarations for President authorize release from the Northeast Home Heating Oil Reserve if conditions deteriorate,” the official added. “We would call this a bridge to deal with short-term supply shortfalls.”
A White House official also revealed recent talk regarding usage of the Northeast Home Heating Oil Reserve, according to a Monday CNN Business report. The reserve reportedly holds about one million barrels of diesel, which would only cover about one day of supply in the region.
“It’s small potatoes. It might buy a couple of weeks or even months, but it doesn’t solve the underlying issues,” Andy Lipow, president of Lipow Oil Associates, told CNN.
“While gasoline prices get much of the attention, diesel, which broadly is the fuel that moves the economy, has quietly surpassed its recent record high as distillate inventories, which include diesel and jet fuel, have plummeted to their lowest level in years,” GasBuddy chief petroleum analyst Patrick De Haan said in a press release last week.
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