U.S. diesel inventories are at near-record lows, rattling a wide swath of the economy from fuel suppliers to farmers — and creating more turbulence for Biden.
in the United States in recent years, which has reduced the amount of diesel made here by 1 million barrels per day, or about 6 percent.New refineries are unlikely to take their place, industry officials say. Building and running such infrastructure is expensive and typically only profitable if it operates for decades. Investors are wary of such projects at a time when the nation is transitioning away from fossil fuels.
. But soaring prices are very real, wreaking havoc on the economy and delivering a painful financial blow to consumers.30 lawmakers in the House and Senate from New England, most of them Democrats, are pushing the president to release fuel from the Northeast Home Heating Oil Reserve, which stores about 10 days supply of fuel to be available in the event of a supply emergency. Their letters warn that families are in danger of not being able to keep their homes at safe temperatures this winter.
Biden has few options available to him to quickly boost such fuel supplies. One proposal the White House has put on the table: curbing exports of domestically produced diesel and natural gas, a move the industry warns would create chaos in energy markets as other countries retaliate.Oil industry officials were bracing for Biden to make such a move during an election in which Democrats campaigned on voter anger over windfall oil company profits.
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