DIESEL FUEL CRISIS
Written by Peter Boykin on May 23, 2022
Shared By Peter Boykin – American Political Commentator / Citizen Journalist
We talk a lot about the soaring price of unleaded gasoline, but there’s an even bigger fuel crisis lurking right behind it…
Diesel fuel is sitting at an all-time high average of $5.573 per gallon. And it’s in such low supply that some experts fear we may see rationing in the near future.
Why this matters: Diesel literally fuels every aspect of American industry, from trucks to trains to ships to farming equipment. Without diesel fuel, trucks cant bring food to stores. Trucks can’t bring fuel to gas stations. And so much more.
And when the price of diesel fuel goes up, the price of transporting goods goes up. When the price of transporting goods goes up, the price of the goods you buy goes up. Inflation.
How did we get here: Over the past two years, 5 major diesel refineries have closed down. One major refinery in Pennsylvania, pumping over 300,000 barrels per day closed due to fire. The other four closed due to low demand during the covid pandemic.
The decision to close was aided by unfriendly energy policies by the Biden administration, that discourage long-term investment in the industry.
The Keystone XL Pipeline [that Joe Biden shut down] would have brought us 830,000 barrels per day to Houston to be refined.
When Biden took office, he signed an order canceling all new oil and gas leases on federal land.
Short supply: The U.S. typically has 50 million available barrels of diesel fuel every day. Over the weekend that available inventory dropped to just 10 million barrels. John Castimatidis, a refinery & fuel magnate warned:
“I wouldn’t be surprised to see diesel being rationed on the East Coast this summer.”
[Source: Markets Insider, War Room/Dave Walsh, Wake Up Right]
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