A top White House official said that the United States only has enough diesel to last for 25 days because its stockpiles are "unacceptably low."

Using data from the Energy Information Administration, Bloomberg News found that diesel stockpiles are at their lowest level for October since records began in 1993.

According to data from the EIA, the United States had a supply of 25.4 days as of October 14. The Epoch Times reported that this was down from a supply of 34.2 days four weeks before.

Director of the National Economic Council and top advisor to President Joe Biden, Brian Deese, told Bloomberg News last week that diesel levels are "unacceptably" low and that "all options are on the table" to increase them.

In November 2022, just over two weeks before the midterm elections, prices are expected to go up even more because of a diesel shortage.

Diesel is the most common fuel used by freight trains and long-distance truckers to move goods and food.

"Most of the products we use are transported by trucks and trains with diesel engines, and most construction, farming, and military vehicles and equipment also have diesel engines," the EIA's website states.

"As a transportation fuel, diesel fuel offers a wide range of performance, efficiency, and safety features. Diesel fuel also has a greater energy density than other liquid fuels, so it provides more useful energy per unit of volume."

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Diesel Price Is Steadily Rising

The diesel price has been rising continuously for more than two weeks. According to data from AAA, they have increased by 50% since this time last year to $5.324 per gallon.

According to AAA, on June 19 of this year, the average diesel price reached an all-time high of $5.816 per gallon. Due to this, wholesale diesel prices have surpassed $200 per barrel, a close-to-record high that was only surpassed by a temporary increase this past spring.

Refiner margins have increased to $86.5 per barrel, up over 450% from the recent two-decade average of $15.7 per barrel.

According to BizPacReview, shortly after the low diesel supply was announced, Biden made the widely criticized Twitter allegation: "right now, refiners and retailers are making record profits at the expense of the vast majority of Americans. It's unacceptable." It goes with a graph displaying the exact opposite.

  

Diesel Shortage Cause

The maintenance season contributes to the diesel supply crisis, but Russia's conflict in Ukraine, which has harmed global fuel supplies, is the major problem.

However, according to Bloomberg, there are one million barrels of diesel fuel reportedly on their way to New York as two shipping vessels were redirected from their initial destination in Europe.

Moreover, after seasonal maintenance, reopening a diesel refinery in Trainer, Pennsylvania, will help boost domestic diesel output simultaneously.

These two factors should help to reduce the diesel stockpile to more normal levels.

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This article is owned by Latin Post.

Written by: Bert Hoover

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