Posted on 05/04/2022 10:13:03 AM PDT by blam
We noted Tuesday evening, D (for Diesel)-Day quickly approaches, though it might already be here as U.S. East Coast distillate inventories plunge to a record low, according to new government data.
Weekly petroleum data from Energy Information Administration’s (EIA) Crude Oil Inventories show East Coast distillate inventories are at their lowest ever, dropping to just 22.4 million barrels.
Total U.S. distillate inventories have sunk to levels not seen since the last financial crisis.
One of the reasons for the drop is East Coast refinery capacity has plunged over the last decade, “leaving the region vulnerable to squeezes,” according to Bloomberg’s Javier Blas.
In the past 15 years, the number of refineries on the U.S. East coast has halved to just seven. The closures have reduced the region’s oil processing capacity to just 818,000 barrels per day, down from 1.64 million barrels per day in 2009. -Blas
Total U.S. refinery utilization capacity has plunged from 96% in February to 86% at the end of April. Also, the U.S. has halted energy imports from Russia.
There’s also the issue Gulf Coast refiners’ are prioritizing exports to Europe rather than increasing domestic supply, sending the price of diesel to a record high.
Diesel is used in trucks, tractors, freight trains, and power generation. Soaring prices will only exacerbate inflationary pressures.
Blas said: “The diesel shortfall is nearing crisis levels.”
Reality is starting to sink in about the worst inflation in four decades. Truckers have told the Dirty Jobs jobs guy Mike Rowe that it now costs $1,000 to fill up their fuel tanks.
Rowe said truckers aren’t buying the Biden administration’s narrative that Russia is responsible for soaring fuel prices.
With the U.S.’ busy travel season less than a month away and diesel inventories on the East Coast at record lows with refinery capacity in the region struggling, this could only suggest a fuel crisis could be nearing.
This is a back-door lockdown.
These days are reminding me of the Carter years.
It just kept getting worse and worse and worse and worse....
Until we finally sent Jimmah back to his peanut farm.
Dementia Joe Biden depleted it in a couple of days by giving it to foreigners.
Thanks, Sniffer.
What’s sad is really Biden isn’t worthy to shine Jimmy Carter’s shoes.
I was pretty young when Carter was pres.....was he intentionally trying to run the country into the ground just to build a liberal utopian society or was he just incompetent?
Because intentionally trying to run the country into the ground to build a liberal utopian society is what the hells going on now for sure.
This is Great! finally the country will see what “Going Green” really means, and as a bonus the 75% that are Obese and Overweight, will be put on a Forced Diet to get healthy again...
Diesel kNoCk!....................
The crisis is getting worse. Next up, the home heating crisis of 2022-2023.
My previous car was a very nice 2010 Audi (VW) TDI (Turbo Diesel) that only had about 40k miles. I was sorry to see it go but as it was bought back by VW after that emissions cheat, the deal was too good to pass! Now, with diesel going at about 29% higher a gallon here on Florida’s west coast ($5.17 v $4), it is a silver lining, even when I was getting about 15% better mileage.
I believe the latter.
Klaus Schwab and WEF! Their Plan@ in action.
“was he intentionally trying to run the country into the ground just to build a liberal utopian society or was he just incompetent?”
What I remember of those days is that folks were so disgusted they didn’t care “why”—they just wanted him gone.
NY and NJ progs are just as stupid as EU ones.
They ban all fracking, they ban new natural gas or product pipelines, the set fantasy green-energy and EV targets, they closed a perfectly fine nuclear plant (Indian Point) which supplied 25% of NY City and downstate/NJ electricity.
They really deserve whatever is coming to them.
EV’s will be too expensive to drive soon with the upcoming electricity shortage the Dims are trying their hardest to create.
Agree 100%.
Gas is too damn high.
Rent is too damn high.
Food is too damn high.
Thanks for listening.
5.56mm
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