New data shows that the U.S. has 25 days’ worth of diesel supply left after the White House announced that it would be releasing more oil from the reserve.
According to the Energy Information Administration (EIA), the country has 25.4 days of supply—down from 34.2 days of supply four weeks prior. This is the lowest level that diesel stockpiles have ever been for October in records that date back to 1993.
This comes just over two weeks before the midterm elections in November, when gas prices are expected to rise once again. The average price for a gallon of diesel currently stands at $5.33 nationwide, or up nearly $2 since the same time in 2021.
The approaching holidays such as Thanksgiving and Christmas will also see an increase in demand for diesel, as it is used by freight trains and commonly used by long-haul truckers to transport goods and food.
“Most of the products we use are transported by trucks and trains with diesel engines, and most construction, farming, and military vehicles and equipment also have diesel engines,” the EIA’s website states. “As a transportation fuel, diesel fuel offers a wide range of performance, efficiency, and safety features. Diesel fuel also has a greater energy density than other liquid fuels, so it provides more useful energy per unit of volume.”
Last week, President Joe Biden announced that the Strategic Petroleum Reserve would be releasing 10 to 15 million more barrels of oil in an apparent effort to lower gas prices.
“We need to responsibly increase American oil production without delaying or deferring our transition to clean energy. My administration has not stopped or slowed US oil production,” the president said. “Without the steps we’ve taken over the last several months, gas prices would be higher than they are today.”
Republicans slammed Biden for his decision to release more oil overseas, arguing that it would make life harder for the average American.
“Now, after draining our emergency reserves to a 40-year low, Democrats want billions more of taxpayer dollars to refill the [Strategic Petroleum Reserve] at more than double the price,” GOP Wyoming Sen. John Barrasso told the New York Post last week. “This is a direct attack on every single American struggling to fill their tanks and heat their homes.”
