The U.S. Department of Energy will lend 315,000 barrels of heating oil from emergency reserves—nearly one-third of the total stock—to the market.
The U.S. Department of Energy said on Wednesday that fuel from the Northeast Heating Oil Reserve would be loaned to retailers and terminal owners, with deliveries to be completed by November 13.
Chris Wright, U.S. Secretary of Energy, emphasized: “This is a temporary measure to address a temporary disruption in supply.” He added that the government is “committed to doing everything in its power to reduce energy costs.”
The Northeast Heating Oil Reserve has a capacity of one million barrels and is intended to supply 10 days of regional demand.
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