US has the lowest barrels of diesel and heating oil in commercial stocks since 1951

[gachase21]

$200 Diesel Puts Biden in an Ugly Corner

American stockpiles of distillate fuel are exceptionally low, which could mean higher costs for everything from trucking to farming to construction.

What do Joe Biden and Harry S. Truman have in common?

Both presidents ran the US when American stockpiles of distillate fuel were exceptionally low. Currently, the US has just 106 million barrels of diesel and heating oil in commercial stocks; the last time inventories were that low in mid-October was in 1951, when Truman was in the White House. Typically, inventories should be 30% higher this time of the year.

Such low levels are alarming because diesel is the workhorse of the global economy. It powers trucks and vans, excavators, freight trains and ships. A shortage would mean higher costs for everything from trucking to farming to construction.

The diesel crisis leaves the Biden administration facing very difficult choices. If he leaves the market alone, prices are likely to rise further before they drop; if he intervenes, either setting up minimum inventory levels or restricting exports, price increases will likely be felt elsewhere into the world. Either route will have big implications for inflation at home and for energy security in Latin America and Europe.

Wholesale diesel prices in the spot market of New York harbor, a key pricing point, have surged this week to more than $200 per barrel. Excluding a three-week period from late April into mid-May, that would be a record high. As a result, American refiners are enjoying the best-ever diesel margins, with the profit of turning a barrel of crude into one of diesel hitting a record high of $86.5 per barrel, up roughly 450% from the 2000-2020 average of $15.7 per barrel.

That’s great for refiners, but bad for everyone else depending on the fuel. Retail prices have increased nearly half-a-dollar in just two weeks.

https://www.bloomberg.com/opinion/ar...h-ugly-choices

Cont….


Should be a fun next 4 months

[jeffl1980]

I read an article this morning about the New England area and the real threat of blackouts this winter.

If I wanted to destroy the US, I'd just continue down the path that Joe Biden is on.......

[MajorTendonitis]

We’re all going electric, so shut down pipelines , stop new exploration, what could possibly go wrong? Trudeau and Bidens utopia

Those two idiots together couldn’t organize an orgy at the playboy mansion, never mind run a country

[OPGenesis]

I have a fire place, so this doesn’t apply lol.

[jeffl1980]

I have a fire place, so this doesn’t apply lol.

This ^^^

I am probably one of few that enjoyed the brownouts in Texas. Story time by the fire with my son, candle lit dinners and a decent night sky without light pollution.

[MajorTendonitis]

I have a fire place, so this doesn’t apply lol.

Funny to think people will have no choice but to burn wood at a furious rate . Total failure by the Dems when you won’t be see across the street from smoke lol .
But no more mean tweets

[gachase21]

I have a fire place, so this doesn’t apply lol.

You should acquire a woodburning stove

[phaginator]

Americacels gonna freeze this winter?

[Chowboy]

All is going according to plan.


Why is everybody so surprised???

[Dude.Jon]

I'm sure the left has a brilliant solution to prevent diesel prices from going up.

Maybe price controls?

Imagine a world with $2 gal diesel. Then they'll blame suppliers for running out.

It never ends.

[Seatard]

OP, does the opinion article include a source? It's behind a paywall for me and I feel the author may be peddling fake news.

This link shows distillate fuel stockpiles were lower as recently as 2005:

https://www.eia.gov/dnav/pet/hist/Le...s=WDISTUS1&f=W


Also, y'all need to decide if Biden is trying to kill the oil industry or make them rich as fuk.

As a result, American refiners are enjoying the best-ever diesel margins, with the profit of turning a barrel of crude into one of diesel hitting a record high of $86.5 per barrel, up roughly 450% from the 2000-2020 average of $15.7 per barrel.

[gachase21]

OP, does the opinion article include a source? It's behind a paywall for me and I feel the author may be peddling fake news.

This link shows distillate fuel stockpiles were lower as recently as 2005:

https://www.eia.gov/dnav/pet/hist/Le...s=WDISTUS1&f=W


Also, y'all need to decide if Biden is trying to kill the oil industry or make them rich as fuk.

Edit:

You probably can work around the paywall using his Twitter feed

https://twitter.com/javierblas?s=21&...bjdOi_LfUFKtcw

[katya422]

Diesel is a near global issue right now.

Posted in main misc about UK preparing their population for power outages this winter- 4 PM to 7 PM on weeknights, maybe some outages on weekends too, diesel generators for data centers.

[Johnez]

OP, does the opinion article include a source? It's behind a paywall for me and I feel the author may be peddling fake news.

This link shows distillate fuel stockpiles were lower as recently as 2005:

https://www.eia.gov/dnav/pet/hist/Le...s=WDISTUS1&f=W


Also, y'all need to decide if Biden is trying to kill the oil industry or make them rich as fuk.

Paste whatever paywalled link you wanna read into archive.is
Works 90% of the time.

https://archive.ph/9zzzn

[Dan_S]

Also, y'all need to decide if Biden is trying to kill the oil industry or make them rich as fuk.

Opposing sides are saying those two different things, tard.