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.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
White House dodges on whether Biden will bring up COVID-19 origins in Xi Jinping meetingThe White House won't say whether President Biden plans to press China's Xi Jinping on the origins of COVID-19. Biden will meet with Xi in person next week.
Read more »
Scoop: Biden White House eyes Wall Street hireBiden administration officials are considering recruiting a seasoned business executive — potentially a Wall Street banker — to join the White House in a senior role.
Read more »
Biden White House cheers 'red ripple' as Republicans underperform midterm forecastsWASHINGTON (Reuters) -U.S. President Joe Biden, who declared optimism about the midterm elections this week despite opinion polls predicting Republican wins, had reason to feel vindicated on Wednesday morning even though his Democrats could still lose control of Congress. Republicans may eke out a narrow majority in the House of Representatives and the Senate was still up for grabs with key races in Arizona, Georgia and Nevada undecided. But that was all part of better-than-expected news for the White House.
Read more »
Should Hunter Biden expect investigations from a Republican House?House Republicans have vowed to investigate Hunter Biden over whether his overseas business dealings are tied to his father, President Joe Biden.
Read more »
CNN reporter frets over GOP ‘crazy caucus’ House overreach, possible investigations into BidenCNN reporter Nia-Malika Henderson warned that a GOP-controlled House would lead to overreach and investigations into President Biden with a 'crazy caucus.'
Read more »