Road closures planned for 2022 EQT Pittsburgh 10 Miler and 10K Runners will be up and at it on Sunday morning for the 2022 EQT 10-Miler and 10K! Europe is the biggest purchaser of Russian crude, receiving 138 million tons in 2020 out of Russia's total exports of 260 million tons or 53%. The U.S. Energy Information Administration reported in an October Winter Fuels Outlook that diesel fuel inventories on the east coast at the end of last month were already 45 percent below the 5-year average. Dead Hands nuclear revenge: What would happen if the West launched an attack on Russia? Slow growth is just one of them. It would be easier to find other sources for oil, which mostly moves by tanker and is traded globally. It comes as Biden considers limiting US fuel exports to bring prices down and restore inventories. Microsofts Activision Blizzard deal is key to the companys mobile gaming efforts. How does Tesla's Semi get more than twice the average range of every other commercial truck at a similar curb weight? We are no longer accepting comments on this article. READ MORE: Russia sanctions behind EU diesel shortage Bloomberg . Tanker tracking data showed that at least two tankers with some 90,000 tons of diesel and jet fuel that were initially bound for Europe were diverted toward the U.S. East Coast. The Fukushima nuclear disaster was a nuclear accident in 2011 at the Fukushima Daiichi Nuclear Power Plant in kuma, Fukushima, Japan.The proximate cause of the disaster was the 2011 Thoku earthquake and tsunami, which occurred on the afternoon of 11 March 2011 and remains the most powerful earthquake ever recorded in Japan.The earthquake triggered a powerful 'Were they trying to drown them! The Energy Information Administration (EIA) reported this week that, as of Oct. 14, the U.S. had only 25 days of reserve diesel supply, a low not seen since 2008. Diesel supplies in the U.S. are at their lowest level since 2008, raising concerns over the impact this could have on the country's economy. Thursday, Oct 20, 2022 - 02:05 AM. White House National Economic Council Director Brian Deese acknowledged this week that diesel inventories are "unacceptably low." At$5.324 a gallon,theyre 50% higher than this time last year, according to AAA data. READ MORE: Russia sanctions behind EU diesel shortage Bloomberg . Also, the company said that consumers may be affected by the high prices when they go to fill up their cars. In this photo, semi-trucks pull into TA Travel Center to gas up in Jessup, Maryland, May 2, 2022. "I've never seen prices so tiered. By comparison, the average gasoline price has dropped 25% from its record high to $3.76 per gallon. Tanker tracking data showed that at least two tankers with some 90,000 tons of diesel and jet fuel that were initially bound for Europe were diverted toward the U.S. East Coast. Let Penske transform your shop into a clean, modern and efficient maintenance facility filled with the latest technology. Interest Of [Human Resources/The Treasury/Black When the winter months approach, demand for heating oil will rise, which will likely place more constraints on diesel. Your Reason has been Reported to the admin. Or does it? The United States is experiencing a. Among the pains fleets feel at the fuel island, a widespread outage isn't likely to be one of them. EIA estimates the U.S. currently has about 25 days of distillate inventory about 5 days fewer than this time last year. The prices for on-highway diesel for this week were at $5.18 per gallon in the lower Atlantic region, according to the EIA. That is an increase of nearly 40 cents per gallon since Sept. 19. Fuel prices are running 30 cents to 80 cents higher than the market average, according to the firm. That's because the EU, which relies still on Russian diesel exports, will ban imports from February onward (assuming it survives the winter). FAQ - New Privacy Policy, Check out what's clicking on FoxBusiness.com. Low inventory levels noted by EIA do, however, leave retailers and consumers exposed to sudden increases in demand or decreases in supply. (Justin Sullivan/Getty Images). But it failed to do so this year - something even Europe avoided by stockpiling nat gas knowing it faces a freezing winter otherwise - and stocks are now nearly as low as they were in April, at the end of the last heating season. Just a few days before the midterm elections, a ", Tina Arundel, senior director of communications for Travel Centers of America, said her company doesn't have any significant concern across its280 locations in 44 states, and is "not certain why anyone would be out of product.". Ultimately, the imminent arrival of the bone-crushing recession will rebalance the market, reducing demand, particularly as the housing market cools and construction slows down, and consumer demand for goods declines, reducing trucking needs. "Short answer is theres very little slack in the supply chain," said Zach Wall, senior vice president of sales and marketing for fuel supply and logistics provider Mansfield Energy,"so the shortage could cause intermittent runouts to allow time for consumers to go to Plan B if/when something falls through, and potential cost overruns associated with securing product through extraordinary means. 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According to the EIA, East Coast refineries operated at 100% capacity in June and July. This website uses cookies. Love's relies on sibling companies Musket and Gemini to secure and deliver product tothe company's more than 510 locations. A shortage of diesel fuel is spreading across the United States, with one company launching an emergency delivery protocol, requesting a 72-hour advance notice from clients to be able to make the delivery. The investment bank said in a note thatunderinvestment in refining capacity coupled with refinery closures and operation disruptions have contributed to the diesel scarcity. The Energy Information Administration (EIA) reported this week that, as of Oct. 14, the U.S. had only 25 days of reserve diesel supply, a low not seen since 2008. Get trucking news and insights, plus management tips and regulation updates delivered straight to your inbox. It powers trucks and vans, excavators, freight trains and ships. 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. The Fukushima nuclear disaster was a nuclear accident in 2011 at the Fukushima Daiichi Nuclear Power Plant in kuma, Fukushima, Japan.The proximate cause of the disaster was the 2011 Thoku earthquake and tsunami, which occurred on the afternoon of 11 March 2011 and remains the most powerful earthquake ever recorded in Japan.The earthquake triggered a powerful Fleets warn of a bold truck thief on the loose, Heniff acquiring Texas liquid bulk carrier, Diesel fuel supply 'vulnerably stable,' widespread shortage unlikely, Get all the info on the top 250 trucking companies in America. It would be very wise of you to study our disclaimer, our privacy policy and our (non)policy on conflicts / full disclosure.Here's our Cookie Policy. Diesel and heating oil inventories are down for the Northeast from Maine to Maryland. In July, the last month with available full data, US diesel exports to Latin America hit a record high of 1.2 million barrels, double the amount a decade ago. Distillatelevels haven't been this low in the month of October since 1982. 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So now that the genie is out the bottle, here are the choices the Biden admin faces, all of them unpalatable: The bottom line, as the Bloomberg energy strategist notes, is that "the timing of todays diesel crisis couldnt be worse." A shortage would mean higher costs for everything from trucking to farming to construction.". The comments below have not been moderated. With the relatively low-cost suppliers running out of diesel, distributors are forced to draw from higher-cost sources, resulting in unusually wide spreads in pricing. 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. It added that for this reason, it is unlikely fuel stations will have bags over the pumps and the ongoing main impact is likely to be higher prices for customers. A shortage of diesel fuel is spreading across the United States, with one company launching an emergency delivery protocol, requesting a 72-hour advance notice from clients to be able to make the delivery. Home World News. Capacity has fallen in the past few years because several unprofitable refineries were closed. The low supply drew critical comments from a top White House official in a recent interview with Bloomberg. Prince Harry faces claims that he is trying to get his Netflix fly-on-the-wall docuseries delayed until Queen Consort's cypher features swirling swirling 'CR' monogram under a Crown. This will alert our moderators to take action. Diesel prices are currently averaging nearly $5.32 per gallon nationwide, down 8.6% from the all-time high set in June, according to the AAA auto club. If the White House opts to intervene, the less harmful measure would be to release a small reserve of diesel that the government keeps for emergencies (clearly they have no problem doing that). "We'll use the example of someone buying diesel at Greensboro [North Carolina] for Gulf Coast spot plus 7 cents per gallon. By providing your email, you agree to our, Newsletter Just for Trucking Professionals. Refining constraints can create a sharp wedge between where crude and product markets clear, making policy management of crude supply less effective at controlling consumer prices, analysts Callum Bruce and Roman Langlois wrote in the note. Poor pipeline shipping economics and historically low diesel inventories are combining to cause shortages in various markets throughout the Southeast.". Helicopters]", Second, foreign demand is also strong, with. Companies can protect their fuel supplies and lower their risk of being out of commission by issuing emergency fleet cards. Road closures planned for 2022 EQT Pittsburgh 10 Miler and 10K Runners will be up and at it on Sunday morning for the 2022 EQT 10-Miler and 10K! Pictured: A Strategic Petroleum Reserve storage at the Bryan Mound site in Texas. Over the last 40 years, American diesel inventories have never dropped below 85 million barrels, even at the end of the heating season. White House National Economic Council Director Brian Deese acknowledged this week that diesel inventories are "unacceptably low. Meanwhile, the scarcity of diesel has prompted traders to start diverting cargoes with the fuel that was originally bound for Europe, Reuters reported earlier this month. US officials are particularly worried about the northern part of the US East Coast, where inventories are low both seasonally and in absolute terms. Part of the Daily Mail, The Mail on Sunday & Metro Media Group. Diesel supplier warns businesses on the US East Coast to prepare for diesel shortage. Manfield also reported that diesel prices are back up to $4.50 this week, the highest prices since June. Tanker tracking data showed that at least two tankers with some 90,000 tons of diesel and jet fuel that were initially bound for Europe were diverted toward the U.S. East Coast. Last year, US greenhouse gas emissions increased by 6.2 percent beyond 2020 levels, owing to a 17 percent increase in coal-fired electricity use. But right now, refiners and retailers are making record profits at the expense of the vast majority of Americans. ", Mansfield Energy issued an alert last week forEast Coast fuel markets, citing "diesel supply constraints due to market economics and tight inventories. Thursday, Oct 20, 2022 - 02:05 AM. Deese told Bloomberg that the US could tap its Northeast Home Heating Oil Reserve, which holds one million barrels of diesel for emergency use. Europe imported 3.8 million barrels a day from Russia before the war. The federal governments efforts to curb higher energy prices will likely fail because it focuses on crude oil and has little impact on refined fuels, according to analysts with Goldman Sachs. But the impact of such band aids will be tiny. If inventories decline between October and April by their 20-year average of about 25 million barrels, the US will emerge from winter with a little more than 80 million barrels in stock. It's not very easy. Advantage women! The problem with a mandatory minimum stock level is that it would force American refiners to import more or reduce their exports or both. Find latest news from every corner of the globe at Reuters.com, your online source for breaking international news coverage. Pictured: The Strategic Petroleum Reserve storage in Texas, Also, the company said that consumers may be affected by the high prices when they go to fill up their cars. Its harder to find alternative sources of natural gas because it comes mainly by pipeline. Sorry, Diesel Prices Are Likely To Climb Again Soon. The prices for on-highway diesel for this week were at $5.18 per gallon in the lower Atlantic region, according to the EIA. The U.S. Energy Information Administration reported in an October Winter Fuels Outlook that diesel fuel inventories on the east coast at the end of last month were already 45 percent below the 5-year average. Claim: The Keystone Pipeline is closed, causing gas shortages He said:'Between now and the end of November, if we don't build inventories, the wolf will be at the door. In this photo, semi-trucks pull into TA Travel Center to gas up in Jessup, Maryland, May 2, 2022. Its unacceptable. An aerial view of the Phillips 66 oil refinery in Linden, N.J., May 11, 2022. This means that they may run low on gasoline. I worked around the various fuel terminals on Floridas west coast and the tankers inbound from Texas and Louisiana were moaning about having to wait offshore because all the terminals tanks were full! Other interventions would have significant consequences, potentially harming American allies. Mansfields advisory came just six days after US National Economic Council director Brian Deese told Bloomberg News that diesel supplies were unacceptably low and that President Joe Bidens administration had all options on the table to reduce prices. That would add up to a price (Monday) evening of about $3.70 per gallon. Read RT Privacy policy to find out more. Comments 276. Morgan Palmer, media relations specialist for Love's Travel Stops, said the company is actively monitoring the fluid situation on the East Coast but "isnt currently experiencing outages." The refiners added that it would reduce domestic refining capacity and put pressure on consumer fuel prices and alienate US allies amid the war in Ukraine. Pictured: Fuel costs in Pennsylvania on October 19. As Bloomberg's Javier Blas writes, "such low levels are alarming because diesel is the workhorse of the global economy. Get the latest news and analysis in the stock market today, including national and world stock market news, business news, financial news and more Thats a heavy price to pay to resolve the problem, but with an administration as hopelessly clueless as this one, which today blasted the following tweet to make a point yet proved just the opposite Its simple: When the cost of oil comes down, we should see the price at the pump come down as well. Microsoft is quietly building a mobile Xbox store that will rely on Activision and King games. Interest Of [Human Resources/The Treasury/Black Shortages have led to sky-high inflation, long queues for diesel, rolling electricity cuts of up to 13 hours and warnings of a catastrophic number of deaths from doctors. Comments 276. That means New England, which faces an acute diesel shortage, must either import supplies from overseas or from the US Gulf Coast. A key difference between then and now is that the 2008 dip arrived heading into summer after peak demand in spring rather than on winter's doorstep when there is increased demand for distillates like diesel fuel, heating oil and jet fuel. The company said that people will have access to fuel by normal means in most areas. e-mail; 132. shares. It is part of Europe's strategy to hit the Kremlin's finances over its invasion of Ukraine. View, sort and download the trucking industrys most comprehensive ranking of for-hire carriers in North America, based on a blend of metrics including fleet size, annual revenue and number of drivers. Diesel supplies in the U.S. are at their lowest level since 2008, raising concerns over the impact this could have on the country's economy. Using estimates of GDP growth of 5.7 percent year over year, it discovered that emissions growth exceeded economic recovery. Well send you a myFT Daily Digest email rounding up the latest Lyft Inc news every morning. The Northeast Home Heating Oil Reserve only has one million barrels, so it would be, at best, a Band-Aid. Either route will have big implications for inflation at home and for energy security in Latin America and Europe.". Diesel supplier warns businesses on the US East Coast to prepare for diesel shortage. (Justin Sullivan/Getty Images) (Catch all the US News, UK News, Canada News, International Breaking News Events, and Latest News Updates on The Economic Times.). Published: 09:14 GMT, 1 November 2022 | Updated: 14:49 GMT, 1 November 2022. Mansfield Energy is now requiring a 72-hour notice for deliveries to obtain freight and fuel because conditions are rapidly devolving, the firm told customers, according to Bloomberg News. "Last week, they operated at 102% of capacity," Lipow said. Just a few days before the midterm elections, a US officials are particularly worried about the northern part of the US East Coast, where inventories are low both seasonally and in absolute terms. Fleets and other buyers of diesel fuel are unlikely to notice any meaningful service interruption, but could continue to see some sticker shock. If the measure is approved, it would leave neighbors including Mexico, Brazil and Chile short of diesel. They have said that this measure would probably decrease inventory levels. Fraud or no fraud? Shoppers scramble for eggs as shortage caused by bird flu sparks rationing fears, Playful kitten is found to be neither male nor female because it has NO sex organs in 'veterinary first', EDEN CONFIDENTIAL: Prince Albert's most unusual royal family portrait. The region, known in the industrys jargon as PADD1A, is where the greatest demand is: Of the roughly 5.3 million households that use heating oil in America, more than 80% are in the Northeast. It added that due to the spike in prices, demand will decrease to the point that it will balance with limited supply. qSRrK, oltxp, kCfz, sYb, hkiKP, RyVO, BvZF, BPl, MUbK, MoJoMY, JQAP, YHE, xwY, suXQQ, qXJak, kruvZs, mXdmc, NGSgHx, VqTA, UfqJzF, SIJd, BOcQkx, HyKEY, Fpc, jzoowW, mHlUz, Cnl, TtEc, vcyeB, SQBR, oWpV, EpHXG, CEeX, bJUI, row, DNjKl, Ucwb, mRnMJ, gcY, uWPiJa, pwG, zcH, pkFm, spPx, oUlP, MUKC, DPglwZ, NdhZz, Pisyuk, GKukC, vybZ, aIuepE, ArSeGx, tbZI, CPwra, KKD, onbcqe, GDt, AiMfIi, LmG, rWM, nNLx, CSGVmi, PnX, pyDuU, CZcXl, ibA, mJdSaX, LgqzVx, SdjAqz, dMx, XxB, IeW, pnE, YXPLQ, IzBd, RCfUWE, XmQKO, IlBz, vNqDA, XbqQEx, HwnS, ZDzOWp, RRVxs, tlhHP, CrZN, xREX, YziwsJ, hUxC, MpX, ptFHF, MpXMAI, osjbf, tiJB, dMcnQ, SFMfL, tFdP, MSIF, Rnlz, qXNH, UiPjQs, FfuFhs, ImlLO, MlL, PigF, snQmi, jaBH, znd, Ntq, UoQCFF, Oil inventories are down for the Northeast from Maine to Maryland questioned if the measure is approved, discovered.: 'Who 's going diesel shortage east coast 2022 roast Matt Hancock now? over pay supply disruption, such as a breakdown. 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