Key facts
- Two US senators asked President Donald Trump to release heating oil from the Northeast Home Heating Oil Reserve.
- US diesel prices have climbed to about $6.52 a gallon.
- US diesel inventories were below 97 million barrels last week, about 13% below the five-year seasonal average.
- The Northeast Home Heating Oil Reserve stores 1 million barrels of diesel.
Two US senators have urged President Donald Trump to release heating oil from the Northeast Home Heating Oil Reserve as diesel prices surge to record highs, driven by supply disruptions linked to the wars in Iran and Ukraine. Senators Susan Collins and Angus King sent a letter to Trump requesting the release to alleviate costs for households in Maine, which heavily relies on heating oil.
Meanwhile, the Trump administration is exploring ways to lower diesel prices without disrupting refinery operations or creating new problems. Energy Secretary Chris Wright has contacted major American refiners to gauge support for a voluntary restriction on diesel exports, an effort that underscores the limited options available to the White House. The administration is under political pressure to address rising fuel costs ahead of the November midterm elections.
Republican lawmakers have also called for restricting diesel exports to ease costs for farmers and other diesel-intensive industries. However, the American Petroleum Institute and other industry groups have urged Trump to reject such calls, arguing that US refiners rely on exports for surplus diesel and that restrictions could force them to reduce crude processing, impacting gasoline and jet fuel production. Some analysts warn that an export ban could paradoxically increase costs for American consumers.