[ April 25, 2026 ]
And “the President” has actually said says he wants to imprison those working in the oil industry. How much more will America take before she explodes?
COLUMN: Joe Biden has a big diesel problem
The last time commercial diesel inventories were this low in mid-Oct, Harry S. Truman was US President
New York harbor spot prices are >$200 per barrel
And US diesel refining margins hit a record high todayhttps://t.co/ZqBVAPQ34k pic.twitter.com/SXGPzS883t
— Javier Blas (@JavierBlas) October 18, 2022
$200 Diesel Puts Biden in an Ugly Corner
ADVERTISEMENTAmerican stockpiles of distillate fuel are exceptionally low, which could mean higher costs for everything from trucking to farming to construction.
Javier Blas, Bloomberg, October 18, 2022 at 8:26 AM EDT
Javier Blas is a Bloomberg Opinion columnist covering energy and commodities. A former reporter for Bloomberg News and commodities editor at the Financial Times, he is coauthor of “The World for Sale: Money, Power and the Traders Who Barter the Earth’s Resources.”
What do Joe Biden and Harry S. Truman have in common?
Both presidents ran the US when American stockpiles of distillate fuel were exceptionally low. Currently, the US has just 106 million barrels of diesel and heating oil in commercial stocks; the last time inventories were that low in mid-October was in 1951, when Truman was in the White House. Typically, inventories should be 30% higher this time of the year.
Such low levels are alarming because diesel is the workhorse of the global economy. It powers trucks and vans, excavators, freight trains and ships. A shortage would mean higher costs for everything from trucking to farming to construction.ADVERTISEMENTThe 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; if he intervenes, either setting up minimum inventory levels or restricting exports, price increases will likely be felt elsewhere into the world. Either route will have big implications for inflation at home and for energy security in Latin America and Europe.
Wholesale diesel prices in the spot market of New York harbor, a key pricing point, have surged this week to more than $200 per barrel. Excluding a three-week period from late April into mid-May, that would be a record high. As a result, American refiners are enjoying the best-ever diesel margins, with the profit of turning a barrel of crude into one of diesel hitting a record high of $86.5 per barrel, up roughly 450% from the 2000-2020 average of $15.7 per barrel.
That’s great for refiners, but bad for everyone else depending on the fuel. Retail prices have increased nearly half-a-dollar in just two weeks.
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