White House Considering Using Diesel Reserve
According to a senior official, the White House is considering an emergency declaration that would enable President Biden to release diesel from a stockpile in order to combat the supply crunch. The ‘Northeast Home Heating Oil Reserve’ would be used to combat the high prices of diesel which is a vital fuel for the U.S. economy and used for powering farm and construction equipment, trucks, trains and boats that move goods throughout the country. Inventories of diesel in the Northeast have reached record lows in recent weeks because of a confluence of factors that include the war in Ukraine and surging demand. Yesterday, the national average price for diesel reached $5.56 a gallon according to AAA which is a 75% increase from a year ago and the price could reach $10 a gallon by the end of the summer.