A recent Bloomberg report said U.S. diesel inventories are at their lowest level since 2008, with enough fuel left for 25 days of supply. Demand is also said to have reached its highest level since 2007, creating a dangerous combination of supply and demand that is causing prices to soar. U.S. diesel supplies were just 25 days, the lowest since 2008, according to the Energy Information Administration, Bloomberg reported.
Bloomberg reported that one million barrels of diesel had been diverted from Europe to New York despite a slight supply shortage along the way.the low supply was strengthened. The U.S. government will buy oil to replenish its Strategic Oil Reserve if prices fall to $70 a barrel,” Biden said on Oct. 19. “What this means is that oil companies can invest now and expand production knowing that they can sell oil at a price of $ 70 in the future,” he said.
Senator John Barrasso (R-Wyoming) said, “Now that emergency reserves have been depleted to their lowest level in 40 years, Democrats will replenish [strategic oil reserves] at more than double the price.” We are seeking billions of dollars more in taxpayer money to do just that.” New York Post last week. “This is a direct attack on all Americans who are struggling to fill their tanks and heat their homes.”