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Yahoo Finance Plus Diesel Reaches ‘Unacceptably Low’ Levels: How It Could Impact Winter Heating Costs
A dire shortage of diesel fuel in the U.S. could keep inflation high and make the cost of heating surge throughout the winter.
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National Economic Council Director Brian Deese told Bloomberg TV on Wednesday that new government data released that day shows diesel levels are “unacceptably low,” according to a Newsweek report. To put it in perspective, the country has only 25 days of diesel supply remaining, according to the Energy Information Administration.
The shortage is driving the cost of diesel way up. Diesel prices are approximately 50% higher than they were this time last year, hovering at $5.324 a gallon, according to data published by AAA.
Diesel is used to fuel trucks, ships, tanks and other vessels. Because heating oil is extremely similar to diesel, demand for heating oil is expected to surge, causing household heating bills to go through the roof, USA Today reported.
The U.S. is now scheduled to get at least 90,000 metric tons of diesel and jet fuel arriving from the United Arab Emirates, according to reporting from Reuters on Oct. 14. This could provide some relief.
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The main factor causing the diesel shortage is the Russian invasion in Ukraine. Diesel imports from Russia have been banned since Putin’s war began last February.
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