Eastern Coast Fuel Inventories Strike With Supply Shock In front of Summer Driving Season

Americans facing much more pain at the pump

A perfect storm of decades-low gasoline and diesel inventories on the US East Coastline and what is expected to be considered a busy summer driving period could send fuel costs even higher.  

Severe  supply crunches   have sent East Coastline distillates inventories (including diesel powered and heating oil) towards the lowest level since 1996.

Gasoline inventories are at an eight-year reduced, and the ones in New Britain have hit their lowest level since 1991.  

Exhausted stockpiles   have sent diesel prices to record highs, and gas prices are hovering near all-time highs. This most of comes one month before Funeral Day unofficially kicks off the US summer driving season, which typically ends on Labour Day.  

Notably, diesel futures trading in New York surged to the highest level in information going back to 1986 upon East Coast supply woes and global demand for the fuel remain robust.

This is terrible information for President Biden ahead of the midterm elections as retail gas prices are set to rise once again.  

Meanwhile, Biden’s choice to release 180 million barrels of oil from the US Strategic Petroleum Reserve – one million barrels each day for 180 days, closing just before the midterms — was meant to help reduced US gasoline prices “ because Putin price hike. ” Instead, Biden continues to be sending some crude to  Europe   while SPR releases possess yet to pressure WTI prices sufficiently lower.    

So what does this all suggest? The summer fuel markets is going to be extremely tight and even more costly at the pump.  

Watch Tucker Carlson and Mike Tyson endorse Alex Jones.

Leave a Reply

Your email address will not be published. Required fields are marked *