Saturday, April 20, 2024

Another Biden-Created Fuel Crisis Threatens Consumers

The US now has just 25 days of diesel supply, the lowest since 2008...

(Dmytro “Henry” Aleksandrov, Headline USA) Despite all of the ways President Joe Biden has managed to destroy the American economy, including the latest petroleum reserve fiasco, it appears that the real crisis is not only gas or oil, but also diesel.

According to ZeroHedge, “the crisis gripping the US diesel market is getting out of hand, as demand is surging while supplies remain at the lowest seasonal level for this time of year ever.”

“According to the EIA, the US now has just 25 days of diesel supply, the lowest since 2008; and while inventories are record low, the four-week rolling average of distillates supplied – a proxy for demand – rose to its highest seasonal level since 2007.”

For Biden’s administration, the shortage of fuel that keeps the country afloat is a very big concern.

“Such low levels are alarming because diesel is the workhorse of the global economy. It powers trucks and vans, excavators, freight trains and ships,” Bloomberg’s Javier Blas wrote.

“A shortage would mean higher costs for everything from trucking to farming to construction.”

Unsurprisingly, the White House only cares about the issue only when they talk. When it comes to doing something, critics contend the Biden regime has done nothing to address the problem.

“The historic diesel crunch comes just weeks ahead of the midterm elections and will almost certainly drive up prices for consumers who already view inflation and the economy as a top voting issue,” ZeroHedge reported.

“Retail prices have been steadily climbing for more than two weeks. At $5.324 a gallon, they’re 50% higher than this time last year, according to AAA data.”

Even though Europe sent 1 million barrels of diesel to the United States, it looks pretty grim both for regular people when it comes to the economy and for the Biden administration when it comes to elections.

“The diesel crisis leaves the Biden administration facing very difficult choices. If he leaves the market alone, prices are likely to rise further before they drop,” Blas wrote.

“If he intervenes, either setting up minimum inventory levels or restricting exports, price increases will likely be felt elsewhere in the world. Either route will have big implications for inflation at home and energy security in Latin America and Europe.”

The problems with energy started when Trump left office. As soon as Biden stepped into the Oval Office, he canceled the Keystone XL pipeline.

He also canceled other planned oil and gas lease sales, while saying that high gas prices will remain high because it is an opportunity for an “incredible transition” to clean energy.

Meanwhile, Amos Hochstein, Biden’s energy advisor, was gaslighting the public by claiming high gas prices didn’t exist before Russia invaded Ukraine.

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