Biden considers tapping emergency diesel reserve with prices near record high

The Biden administration is preparing to tap a rarely used diesel reserve as the president faces mounting pressure to bring down fuel prices, which are hovering near a record high, a senior White House official told FOX Business.

White House officials have readied an emergency declaration that would allow President Biden to release diesel from the Northeast Home Heating Oil Reserve in order to deal with short-term supply shortfalls if conditions further deteriorate. CNN first reported the news.

The price of diesel – the fuel used by most farmers and shippers – has surged nearly 75% over the past year, with the national average cost hitting $5.54 on Monday, according to AAA. That's up from $3.17 just one year ago and is near the record high of $5.56 recorded one week ago.  

Prices are even steeper in the Northeast region because it has fewer refineries than the rest of the country: In New York, for instance, prices are as high as $6.51 per gallon – a stunning 102% increase from one year ago.