Latest news with #NortheastHomeHeatingOilReserve
Yahoo
6 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
6 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.
