Federal Government to Release Barrels of Heating Oil From South Portland to Bring Down Costs
The Department of Energy said the loan will target fuel retailers and terminal holders as heating oil prices surge ahead of the elections.
- On Wednesday, the Department of Energy announced a loan of 315,000 barrels from the Northeast Home Heating Oil Reserve to address surging winter heating costs across the region.
- Energy Secretary Chris Wright authorized the exchange following persistent requests from Maine Senators Susan Collins and Angus King, who sought relief from diesel shortages stemming from the Iran War.
- The 315,000-barrel release represents a 13% increase in regional supply, providing approximately 13.2 million gallons of heating oil with deliveries scheduled for completion by November 13, 2026.
- Fuel retailers must bid for the oil and return the same volume plus a premium to refill reserves; Wright called the loan a "temporary measure to solve a temporary supply disruption."
- This marks only the second time the reserve has been tapped in its 26-year history, as the administration continues pushing for the Constitution natural gas pipeline despite opposition from New York.
18 Articles
18 Articles
Feds announce release of reserve heating oil, after letter from Maine’s senators • Maine Morning Star
The U.S. Department of Energy will release 315,000 barrels of reserve heating oil amid high prices, after U.S. Sens. Susan Collins and Angus King called for action last month. According to a press release from the senators Wednesday, the Northeast Home Heating Oil Reserve will release roughly a third of its supply to help reduce […]
The Trump administration makes available in the form of loans almost a third of the US emergency reserve of a million barrels of heating fuel, announced Wednesday the Department of Energy,...
US Plans to Release a Third of Heating Oil Reserve to Bring Down Prices
The Trump administration plans to loan nearly one-third of the 1-million-barrel US emergency heating oil reserve in response to rising diesel prices linked to conflicts in Iran and Ukraine. This decision follows bipartisan pressure from senators to release heating oil because diesel prices have reached record highs above $6.50 per gallon due to Middle Eastern […]
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