Latest news with #HurricaneSandy
Yahoo
4 days ago
- Business
- Yahoo
Trump budget proposes closing Northeast heating oil reserve
WASHINGTON (Reuters) -President Donald Trump's budget proposes to shut as soon as in a few months the Northeast Home Heating Oil Reserve, which stores 1 million barrels of diesel and was designed to protect consumers. The reserve, created in 2000 by former President Bill Clinton, holds enough for roughly 10 days of heating homes. It has not been tapped since 2012, when it provided fuel to emergency responders in the aftermath of Hurricane Sandy. The proceeds of a sale of the ultra-low sulfur diesel in fiscal year 2026 would go to U.S. deficit reduction, the proposal said. At current prices, revenues from a sale would be about $86 million, but closing the facility could save on maintenance costs. U.S. budget proposals lay out an administration's policies, and what lawmakers ultimately adopt often differs from White House requests. Trump's predecessor, former President Joe Biden, had proposed in November, 2022 to expand the reserve as a protection against spikes in heating oil prices and inflation after Russia's full-scale invasion of Ukraine boosted energy prices. That plan, never put in place, would have funded purchases from the reserve from revenue from sales from the Strategic Petroleum Reserve, the world's largest emergency stockpile of crude oil. The Department of Energy did not immediately respond to a request for comment about the proposal to close the heating oil reserve.
Hindustan Times
4 days ago
- Business
- Hindustan Times
Trump admin wants to sell 1 million barrels of diesel fuel reserve for $100 mn
The Trump administration wants to put a 1 million barrel cache of diesel fuel on the market, saying the reserve meant to provide an emergency supply of home heating oil for the Northeast has never been used for its intended purpose. The sale and closure of the Northeast Home Heating Oil Reserve would generate $100 million to be used for deficit reduction, according to Department of Energy budget details recently made public. The sale of the reserve would require approval by Congress, which gave the Biden administration the green light to sell off and close a 1 million barrel emergency cache of gasoline last year. The diesel fuel reserve, which is housed in commercial storage facilities across the Northeast, was used in the aftermath of Hurricane Sandy in 2012 to provide fuel for emergency responders in New York and New Jersey, as well as in the wake of snow storms that same year, according to the Energy Department.
Yahoo
6 days ago
- Climate
- Yahoo
Microgrids can provide vital power during hurricanes
Hundreds of thousands of people were without power for weeks, and some even had to wait months after Hurricane Helene tore through North Carolina. That's because Duke Energy workers had to deal with more than just downed power lines. Substations were wiped out with the high flood waters -- one substation in Asheville was destroyed and had to be rebuilt. Dozens of power poles were snapped by trees, and debris had to be cleared out before utility workers could get to them. Not everyone could afford to run a generator for that amount of time. That's why the nonprofit Footprint Project set up a hub with solar panels at Barnardsville Elementary School in Buncombe County to make sure people left in the dark had a safe place to find comfort. You can also have a solar-powered microgrid at your house. We met Sami Kirdar in October, who told us when he moved to Charlotte, he invested in solar-plus battery storage so his home could generate and store its own electricity. He learned the hard way how tough it is to be without it. 'In 2012, we went through Hurricane Sandy, didn't have power for six days. I had some friends who were out for over a month,' Kirdar said. 'It was a very painful experience.' You can invest in a small home generator for only a few hundred dollars, but remember that you'll need to make sure they're fueled up before a storm. You should also have one gallon of water per person per day, along with non-perishable food. Charge your phones, portable phone chargers, and batteries. Keep a flashlight nearby, along with a battery-powered radio. (VIDEO: Lawmakers consider bill to ease floodplain rules for rebuilding after Hurricane Helene)
Yahoo
27-05-2025
- Business
- Yahoo
Norfolk floodwall project will take more time and money than originally planned, officials say
A section of Norfolk's existing floodwall, built by the Army Corps in 1971. It will be expanded as part of the Resilient Norfolk project. (Photo by Katherine Hafner/ WHRO News) By Katherine Hafner/WHRO About a decade ago, Norfolk officials launched a lengthy federal process for what would become the largest infrastructure project in its history. The $2.6 billion effort to protect the city from flooding during major storms is set to include an 8-mile seawall, home elevations, pump stations and massive surge barriers stretching across waterways. The city now has more than another decade to go. Norfolk officials signal changes are necessary for floodwall to move forward Leaders from Norfolk and its federal partner, the Army Corps of Engineers, updated City Council last week on what is formally called the Coastal Storm Risk Management project. It's part of a series of similar projects planned along the East Coast, prompted by the devastation caused during Hurricane Sandy in 2012. Norfolk is the furthest along, with other floodwalls in the works in cities including Charleston and Miami. Virginia Beach and the Peninsula are also in various stages of the pre-design study process through the Army Corps. Here are the major updates. The current, official price tag for what city leaders call Resilient Norfolk is still $2.6 billion – 65% of which would be covered by the federal government, leaving Norfolk on the hook for about $931 million. But officials now estimate the cost will rise beyond what Congress approved in 2020. Mark Haviland, spokesperson with the Army Corps' Norfolk District, said in an email that 'significant analysis was conducted to document the cost drivers and brief our higher headquarters.' The Corps declined to share that analysis before it's certified or provide a new cost estimate until the agency gets approval to finalize a related report. But Haviland said some factors that influence cost include new survey data and hydrologic modeling that identified the need for additional pump stations, and updated designs for the wall's foundation and transitions with adjoining levees. 'Wall types were also revised to meet updated barge impact requirements and to better fit within an urban setting and avoid impacts to the foundations of existing buildings,' he wrote. In addition, the team encountered unexpected delays with the real estate certification process, which involves getting permits and legal permission to use land and negotiating agreements with property owners. 'By addressing these details early on, we can avoid costly delays and complications during construction,' Haviland wrote. The estimated end date for all parts of the project is 2037, five years later than the original timeline. The first section of the seawall will be constructed from Chesterfield Heights to the Berkley Bridge, with initial site work starting this year. The first surge barrier will cross the mouth of the Lafayette River, with construction beginning around 2029. The current path of the floodwall wraps around downtown, ending at Chesterfield Heights to the east and Lambert's Point to the west. That leaves out five historically Black neighborhoods across the river vulnerable to flooding. A coalition of residents on the Southside strongly resisted being excluded from the wall's protection, and the city and Army Corps agreed to ask the federal government to reevaluate the path. Two years later, the Norfolk District is still waiting for federal leaders to include such a study in their budget. Army Corps headquarters did not receive it for fiscal year 2025, meaning the earliest it could begin would be next year. The Army Corps previously told WHRO a study could take around three years and $3 million, though the scope has not yet been developed. The re-evaluation report would also look at adding structural protection for Willoughby Spit. Meanwhile, many residents of the historic Freemason neighborhood are fighting for the opposite. Neighbors said they were blindsided by the floodwall plans and argue it will block waterfront views and tank property values. Newly-approved state study aims to codify Virginia's coastal resilience funding Project officials say they're just beginning to design the segment that includes Freemason, but will consider the community's feedback and seek federal authorization to modify the path. Several council members reiterated concerns this week. 'This is not the first time we talked about the authorized alignment in Freemason,' said Mayor Kenny Alexander. 'For us, it's a nonstarter.' One aspect of Resilient Norfolk is what officials call 'nonstructural measures.' That means helping private owners protect their property by elevating homes, filling in flood-prone basements and using floodproofing techniques at commercial properties. The city said this week that nearly 1,000 properties on Willoughby Spit and the Southside are considered 'pre-eligible' for the nonstructural program, which is voluntary. Officials launched a new tool for people to type in their address and determine eligibility. Congress authorized the project to include voluntary home buyouts, but the city says there are no plans to do so. This story was originally published by the Mercury's media partner WHRO Public Media, the Hampton Roads region's largest media company.
CNBC
25-05-2025
- Business
- CNBC
How much cash you should keep in your wallet, according to money experts
Even as more Americans tap, swipe or scan to pay, most still carry at least a little cash — and financial planners say that's a good idea. Americans keep $67 in their wallet, on average, according to a recent Federal Reserve survey on how people use their money. While cash remains widely carried, usage has been slipping: in 2024, 83% of consumers said they used it at least once in the past 30 days — down from 87% in 2023, according to the Federal Reserve. Still, financial planners tell CNBC Make It that it's worth keeping some on hand — particularly for situations when digital payments fall short. Whether it's a power outage, a dead phone, a vendor with a card minimum or just the need to get home, cash can bridge the gap. The amount of cash you should have on hand depends on your routine, says Christopher Rand, a certified financial planner in San Diego. He recommends keeping enough to handle a typical expense if something goes wrong — whether that's gas, food, parking or a tip — but not so much that you'd lose sleep if it went missing. "Generally, $50 to $100," he says. Melissa Caro, a CFP in New York, carries a similar amount — usually $60 to $80, depending on her plans. "If I know I'll need it — say for tipping, parking, or certain small businesses — I'll add a bit more to my wallet," she says. "A good gut check is: If I lost my phone and needed a cab home, would I be covered? That's my 'panic point.'" Other planners emphasize the value of cash when tech fails altogether. Leslie Beck, a CFP in New Jersey, recommends keeping at least $50 in your wallet for outages and emergencies. "When Hurricane Sandy hit the NYC area, ATMs were out, internet was down in many areas, and cash was king," she says. Some people only start carrying cash after a mishap. Brett Anderson, a CFP in Minnesota, says he used to carry less than $5 — until his credit card was declined due to suspected fraud. "It's truly inconvenient and embarrassing, depending on who you're with," he says. As a "financial advisor, your real friends will never let you forget if your credit card gets declined, and they take financial advice from you, I'm just saying." He now keeps a couple hundred dollars on hand as a backup. You probably don't need a lot of cash, and certainly shouldn't carry more than you'd be upset to lose or have stolen. "Having large amounts of cash in your wallet makes you more susceptible to losing the funds." says Tipiwa Walker, a CFP based in California. Unlike cards, "cash simply does not have the protections that credit cards do." But having about $50 can be a smart backup for tips, low-dollar purchases or tech hiccups — even if you rarely use it, financial pros say. Carrying cash isn't about "replacing digital tools, but having just enough cash to handle those moments when tech fails or feels like overkill," says Caro.,
