Advertisement

Biden administration ponders tapping diesel reserve amid shortage, high prices

Published: May. 23, 2022 at 7:10 AM AKDT
Email This Link
Share on Pinterest
Share on LinkedIn

(CNN) - The Biden administration is considering an emergency declaration to help ease the diesel shortage in the U.S.

An emergency declaration would allow President Joe Biden to release fuel from a stockpile that’s rarely used, called the Northeast Home Heating Oil Reserve.

Diesel has only been pulled from here once before, in the aftermath of Superstorm Sandy in 2012.

Some analysts said the impact of the release would be minimal, relatively speaking, and only help for a short period of time.

The national average cost for a gallon of diesel was $5.56 as of Sunday, according to AAA, a 75% jump from a year ago.

Diesel fuel is a major factor for the U.S. economy because it is used to power farm and construction equipment as well as the vehicles that transfer goods nationwide.

Copyright 2022 CNN Newsource. All rights reserved.