MELBOURNE, Maine (AP) Supplies of diesel and heating oil are more than 50% below the recent norm in the Northeast, increasing concerns that a severe weather event could interrupt supply, according to federal officials.
There are more shortages of fuel than usual around the nation due to a number of factors, including the conflict in Ukraine. But the Northeast is the worst.
According to a report by the Department of Energy, the price of diesel fuel and heating oil, which are included in the distillate category, is 63% lower than the five-year average in New England and 58% lower than the same average from Maryland to New York. The organisation reported that while gasoline supplies are not as poor, they are still at their lowest levels in almost a decade along the entire East Coast.
While other regions rely more on natural gas and electricity to heat homes in the winter, the Northeast mainly relies on heating oil. Moreover, since the majority of fuel consumed from the Middle Atlantic states to Maine originates from Gulf Coast refineries, a strong weather event might cause difficulties, according to energy officials. The National Oceanic and Atmospheric Administration has forecast an active hurricane season.
After Labor Day, the New England governors and their energy directors will meet to examine the situation, according to Energy Secretary Jennifer Granholm. She has, however, urged governors in a letter to do everything they can to secure gasoline supply in the upcoming weeks to avoid any issues.
The Energy Department also wrote to seven significant oil companies, requesting that they keep their stock in order to counteract falling stock prices.
The federal organisation has been keeping an eye on the issue and is making an effort to be proactive with outreach. However, since it is predicted that prices will decrease, there is little motivation for buyers to store up on expensive gasoline for storage, according to Michael Ferrante of the Massachusetts Energy Marketers Association.
Concerns about the gasoline stockpile occur as a result of Russia’s invasion of Ukraine, which further disrupts the energy supply chain that was trying to keep up with the demand growth.
Concerns regarding the sufficiency of the world’s energy sources are being raised as a result of the war.
Diesel fuel is a major issue in New England in the late summer, but the winter heating season isn’t far behind.
Due to the region’s reliance on heating oil, which ranges from 24% in Massachusetts to over 60% in Maine, the most heavily dependent states, disruptions would be felt strongly in the region.
Gov. of Maine
Democratic legislator Janet Mills has pushed the Energy Department to hasten its meeting with governors to discuss preserving a steady supply of heating oil.
According to Anthony Ronzio, a spokesman for the Mills administration, Maine is notably sensitive to the rising prices and instability the global fossil fuel market is currently experiencing as a result of Russia’s invasion of Ukraine.
One million barrels of heating oil have been set aside in ports in the Northeast by the Energy Department. In an emergency, those could be used.
@David Sharp AP is David Sharp’s Twitter handle.
In the US Northeast, low fuel stockpiles are particularly concerning.
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